How Much Do I Need to Save?
Many Americans realize the importance of saving for retirement, but knowing exactly how much
they need to save is another issue altogether.
With all the information available about retirement, it
is sometimes difficult to...
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How Much Do I Need to Save?
Many Americans realize the importance of saving for retirement, but knowing exactly how much
they need to save is another issue altogether.
With all the information available about retirement, it
is sometimes difficult to decipher what is appropriate for your specific situation.
One rule of thumb is that retirees will need approximately 80% of their pre-retirement salaries to
maintain their lifestyles in retirement.
However, depending on your own situation and the type of
retirement you hope to have, that number may be higher or lower.
Here are some factors to consider when determining a retirement savings goal.
Retirement Age
The first factor to consider is the age at which you expect to retire.
In reality, many people
anticipate that they will retire later than they actually do; unexpected issues, such as health
problems or workplace changes (downsizing, etc.
), tend to stand in their way.
Of course, the earlier
you retire, the more money you will n
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