Skip to main content

Posts

Showing posts with the label saving for retirement

How Much Money Do I Need To Save For Retirement?

The question of how much I should save for retirement is one that everyone asks. Depending on your current income and the lifestyle you would like to enjoy in retirement, the answer varies from person to person. On average, most people live between 15 and 20 years after retirement. Having lived longer than ever, many people do not have adequate retirement savings to sustain themselves for the remainder of their lives. A retirement savings plan is therefore essential.  It is crucial to determine how much income you will need in retirement to maintain your lifestyle. This can be done by developing a retirement savings plan. It is also necessary to consider future expenses, such as the amount of a mortgage or rent payment. For retirees to maintain their current standard of living, they typically require 80% of their pre-retirement income. In other words, if you earn $150,000 per year during your working years, you will need at least $120,000 per year to maintain a comfortable standard of