What's your magic retirement number?

How much money have you saved for retirement- and how much do you think you need? The numbers can be dizzying, but a new article from MarketWatch.com shares 6 tips retirees need to keep in mind which will help them better prepare for retirement.

1/ There is no magic number: It’s not a million dollars anymore; there’s no amount of money for retirement savings which is right for everyone. It depends what your income in retirement is.

2/ Re-visit your savings rate: The traditional rule of saving four per cent of your income on retirement can work for many years, but as situations change, finances change too.

3/ Don’t forget about taxes: Do your best to minimize the taxes you pay, and maximize your tax efficiency.

4/ Social security and pension: In both Canada and the United States, there are typically penalties for taking pensions earlier rather than later, so research what’s best for you.

5/ Be more conservative: As you age, there’s less time until retirement, so it’s probably best to invest in more conservative areas. You may forego large gains, but you’ll also avoid big losses.

6/ How long will you live? Consider that your financial goals may need to sustain you until the age of 100 or more.

Even seniors, both at home and in assisted living communities and who are already retired, should re-visit on a regular basis their retirement portfolios and make sure that they are planning as well as they can.