How Much Do You Really Need to Save for Retirement?
You’ve probably heard it a hundred times: “Save for retirement.” But have you ever stopped to ask yourself: How much will you actually need?
More importantly, how much do you want for your retirement? The truth is, your retirement number is deeply personal. It depends on your lifestyle, goals, values, and the future you envision for yourself. In this week’s blog post, We’re walking you through the steps to calculate your retirement number, so you can plan for a future you feel confident about.
Think about how much you plan to spend each year once you’re retired. Will you have a mortgage or car payments? Want to travel frequently? Don't forget inflation—those everyday items will cost more in the future.
Age 65 is the traditional retirement age, but you’re in charge. Whether you aim to retire at 55 or plan to keep working until 70, it’s up to you. Your retirement number depends on when you choose to stop working.
Now that you’ve thought about your expenses, timeline, and potential income, it’s time to calculate your retirement number. This is the total amount you need to save to fund your lifestyle in retirement. You can use a simple method to estimate how much you’ll need based on your annual spending and the number of years you expect to live in retirement. Our free spreadsheet can help you calculate this number, or you can use tools from your brokerage to fine-tune your estimate. Knowing your number is a crucial step in making sure you're prepared!
Ready to take the next step? You don’t have to go it alone—grab our free Investing Made Simple Guide to help you get started on the right path today! Whether you’re new to investing or just need a refresher, this guide will give you actionable steps to build your retirement savings with confidence.
If you found this email helpful, feel free to forward it to your family and friends so they can start planning their retirement too! It’s never too early to begin taking steps toward the future you want.
