I am posting this question after reading this article on WSJ, where it says:
Just 42% of working-age Americans have even tried to calculate what they will need in retirement, according to the Employee Benefit Research Institute, a Washington, D.C.-based think tank.
So, how can I estimate such a thing? What are the various data points to keep in mind while calculating this?
For starters, I know I have these numbers with me with for now:
1. Current salary.
2. Current savings.
3. Current assets.
How do I account for inflation? Any others numbers to keep in mind? Taxes?
I understand some things like a recession, layoff or medical emergency cannot be predicted, but can this also be accounted in some way?