This is a question that many are asking. There are actually two schools of thought on this, so I'll briefly explain both and then share what I advise my clients to do.

How much do I need to save for retirement? This is one of the questions I am asked most frequently. To answer that question, we need to look at the two phases of investing… The first phase is called the accumulation side. This is when we’re working, saving, and investing; ultimately, to get to the top of the mountain to retirement. Then, we transition into the second phase, which is called distribution. This is when we’re no longer working; we’re in our retirement years.