Take a minute to crunch the numbers and figure out your retirement savings target.
Predicting the amount of money you will need for retirement can be challenging. Will you still owe money on a mortgage, have a car payment, or want to fund a family member’s college dream? How you answer these questions can dramatically impact the dollars you need to retire.
One way to estimate the amount of money you will need to retire is to assume you will want to replace a percentage of your current income.
For example, if you support your current lifestyle with a salary of $75,000 per year, and would like to maintain this standard of living, then you should target approximately $75,000 per year in retirement when adjusted for inflation.
The money to fund your retirement goal could potentially come from Social Security, a pension, and personal investments you are able to accumulate. Use the calculator provided to estimate how much money you may need to save for retirement.