Americans Expect a 23-Year Retirement — but Whether They Can Afford One Is a Different Story

The tricky thing about planning for retirement is that in the absence of a crystal ball, it's hard to determine what our expenses will look like and for how many years we'll be covering them. The former, however, can be estimated with more ease than the latter -- especially if you operate under the assumption that you'll need roughly 80% of your pre-retirement income each year to cover your living costs later in life.