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Though there’s no hard and fast formula for deciding just how much you’ll need, there are some basic steps you can take today to plan for a secure tomorrow.
Determine how much you'll need each year upon retirement. Traditionally, planners have used a ballpark figure of 70 to 80 percent of pre-retirement income, but figure higher if you plan to travel or spend many of your days golfing.
Add it up. Want to retire in 15 years with $60,000 annual income? Assuming an annual withdrawal rate of 5 percent, you’ll need a nest egg in excess of $1.5 million!
Start saving! Most experts suggest income from Social Security not be included as a way to generate income, since its future is precarious. That leaves personal investments and pension payments as your route to retirement. Don’t forget you’ll have to pay taxes on them as well. Quicken.com and Money.com have good calculators to help you figure out just how much you need to save.
Look it over. Review your retirement plan annually and adjust it for changes in your financial situation and the overall investment environment.
