Are you trying to figure out how much money you need to save for retirement? This can be a tough question to answer, but it’s important! In this episode, I share the best way to figure out how much money you need to save and some tips on how to make it happen. Enjoy!
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- When calculating how much to save for retirement, consider the age you plan to retire and ensure the money lasts until the end of life expectancy.
- Determine what your desired lifestyle in retirement will be and calculate how much income you need each year to maintain this lifestyle.
- Think about your expected sources of retirement income, such as pensions, annuities, social security benefits, etc.
- Consider how much risk you can tolerate with your investments depending on how close you are to retirement age.
- Ask yourself if you want to keep working part-time after retiring and if tax deferral strategies such as 401ks or Roth IRAs should be used for retirement planning.
- Factor in any other expenses, such as healthcare and long-term care costs.