SPRINGFIELD, Mass. (WWLP) – The stock market fluctuations not only impact investors but also people who are getting ready to retire.

Future retirees not only have to contend with rising costs but also this continued stock market downturn. So you may be wondering how much cash you need to have to be able to retire. According to the financial experts that spoke to CNBC, it’s not a one size fits all situation. You should be able to have 12 to 24 months worth of living expenses in cash.

That will help if there is an economic downturn. But the amount depends on your monthly costs and your sources of income.

Willie Mae Palmer from Springfield retired at 65, she says she wished she had saved more especially with how the economy has changed in recent years.

“I’ve gotten to a point in my life where the bills are so high until I really had to apply for food stamps. That’s something I thought I would never have to do, but that’s life,” said Palmer.

Her advice to people right now considering retirement? Work a few more years to put that money in the bank. That way you will be a bit more prepared for difficult economic situations even with that fixed income.