Retirement Planning: How Much Do You Really Need to Save?
Retirement planning requires understanding how much you need. Here's the framework.
Many people wonder how much they need to save for retirement. Here's how to figure it out.
Calculate Your Expenses
Estimate your annual expenses in retirement. Don't forget healthcare and inflation.
Account for Longevity
Plan for living into your 90s or beyond. Medical advances mean longer retirements.
Social Security
Estimate your Social Security benefits. You can check this at ssa.gov.
Retirement Accounts
401(k)s, IRAs, and other retirement accounts are key to retirement savings.
Investment Strategy
Your investment strategy should change as you approach retirement.
Healthcare Costs
Healthcare is often the biggest expense in retirement. Budget accordingly.
Inflation
Account for inflation when calculating how much you need.
Professional Help
A financial advisor can help you create a retirement plan.
Use the End of Life Playbook to organize your retirement planning.