How Much Do I Need to Save for Retirement? - Being aware of how much you need to save for retirement is extremely important information to have for your well being. Even if you’re a young professional, just starting your career– the earlier you begin planning and saving for your retirement the better off you will be. It may sound crazy to begin saving now when retiring seems so far away but once you understand how much you need to save for retirement, it will sound like a much better idea.
How much do I need to save for retirement?
The amount may shock you.
On average, you need to plan on spending 60-100% of your pre-retirement income each year of your retirement. That’s a lot!
For example: A retiree made $50,000 a year before retiring at the age of 65. Anticipating that they will live another 15 years, they decide to put aside enough so there’s about 80% of their pre-retirement income to spend annually.