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There is no magic number, but many experts suggest that somewhere in the range of 60% to 80% of your working income is a good target to aim for. That means if your household income now is $80,000, you might need somewhere in the range of $48,000 to $64,000 a year once you retire. And remember, retirement could last 20 years or more. The reason there is no easy answer is that everyone’s needs are different … and they will change over time.
To help you get a better idea of what might be best for you, take a few minutes each year to think about your needs … and those needs will become clearer with age.
Once you have a good idea what your expenses and lifestyle goals will cost, you’ll need to look at your income sources.
Once you have a good estimate of your expenses and target an age you’d like to retire at, you’ll be able to compare them to your expected income to see if you’re going to have enough.
If you need to do some rethinking, the good news is that altering your spending needs a bit or saving a little more and putting off retirement for a few years can help you reach your retirement goals.