Chapter 12
Determining How Much to Save
IN THIS CHAPTER
Making sure you have enough to enjoy retired life
Choosing the amount to save
Saving relative to when you’ll retire
So you’re retired. No more 9 to 5, no more boss to answer to, no more commute, no more meetings … and no more paycheck. Even though you no longer get a paycheck, you still have expenses, and that’s why you started saving for retirement all those years ago — or yesterday. This chapter gives you the tools to use to fund your retirement.
Improving Your Chances of an Ideal Retirement
Investing in a retirement plan or an IRA can mean the difference between merely surviving retirement and actually living it up.
Most financial planners suggest that you’ll need at least 70 to 80 percent of your pre-retirement income to maintain your lifestyle in retirement. But many people may need closer to 100 percent, or more.
Some people think their Social Security benefits alone will be enough to cover their retirement needs. The unfortunate fact is you shouldn’t rely on Social Security to finance your retirement. Financial security ...
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