Setting a Retirement Savings Goal
It’s difficult to reach a destination unless you know where you’re heading. Yet only 42% of workers or their spouses have tried to estimate the savings they would need to live comfortably in retirement.
This week, Craig Siminski, of CMS Retirement Income Planning, shares an article featuring a worksheet to help you estimate the savings you might need to generate your desired retirement income.
To get started on establishing a retirement savings goal, use the simple worksheet on this page to compare the income you think you will need (or want) with the sources of income you expect.
How Much Income Will You Need?
Everyone’s situation is different, but one common guideline is that you will need at least 70% to 80% of your pre-retirement income to meet your retirement expenses.
This assumes that your mortgage is paid off, you have lower transportation and clothing expenses when you stop working, and you will no longer be contributing to an employer-sponsored retirement savings plan.
Although some expenses may be lower, others might increase, depending on your retirement lifestyle. Perhaps you want to travel more or engage in new activities.
Don’t forget to budget for medical expenses. A recent study suggests that an average 65-year-old couple who retired in 2019 might need $301,000 in savings to cover …
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 21 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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