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How to determine how much you need to save for retirement

by , 28 August 2014

Do you know how much money you need to save for retirement? Can you be sure that you'll have enough money to live comfortably and worry-free during retirement?

If you're already approaching retirement age, you should have a clear picture of how retirement will look like for you and how much money you need to have saved up until then.

Although there are no general guidelines when it comes to how much you should save – it all depends on your own circumstances and financial possibilities – you can estimate how much money you will need according to the following:
 
Your lifestyle after retirement
 
How do you envision your retirement period? Will you be traveling the world and doing all the things you’ve always wanted to do but never had the chance to? Or would you rather stay close to your loved ones and live a simple life? Your current lifestyle and your lifestyle after retirement will detemine how much you need to save now.
 
Expected retirement age
 
What is your preferred retirement age? If you plan on retiring early, then you’ll need to save more and start earlier than if you were to retire later. If you choose to work another few years after you reach the official retirement age, you can save less.
 
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How much you have saved
 
If you’ve already started saving for retirement, you can determine how much more you need to save and then establish a monthly amount to put into your retirement savings account.
 
Your investment portfolio
 
With the assistance of a financial advisor, determine your investment portfolio’s long-term return.
 
Don’t forget to take into account the expected inflation, the annual pension benefits you will receive at retirement, and your household income.



How to determine how much you need to save for retirement
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