Retirement Planning: Will You Have Enough For Your Lifestyle?

Retirement Planning: Will You Have Enough For Your Lifestyle

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How much money will be enough for you when you are ready to quit working? Well, the amount of savings you'll need during retirement will obviously depend greatly on how you want to live. You can figure it out yourself with the help of a retirement calculator, or you can use a professional retirement planner to assist you. So what does retirement living mean to you? There are all sorts of variables that should be considered before you can think about retiring. Here is a list of things you might want to think about.

Lifestyle. How are you going to want to live? Do you plan on staying in the same home and town you are in now? Do you want to move to a sunnier locale, like Phoenix or Miami and while away the days in the warm weather? Or maybe you are fine with being at an assisted living center (i.e, retirement home). Perhaps you plan on moving in with your adult children. (You may want to ask them how they feel about that!)

Years Until Retirement. How long do you have to save? If you've only got 10 more years in the workforce and you haven't begun to save, you had better get it in gear! But if you are in your 30's or 40's, you have the advantage of time on your side. And the longer your money sits collecting interest, the more money will stack up. Whatever your age, it is never too late or too early to start planning and saving for retirement.

Current Income. Naturally, the amount you make currently will make a difference in how much you're able to put away for later. If you are making a lot of money and living a pricey lifestyle now, are you going to want lower your class of living in retirement? I doubt it. But if you live modestly now, you probably won't mind at least maintaining your current lifestyle in retirement, or even improving upon it. So save enough to at least stay at your current level of comfort.

The secret to planning for retirement is to understand your current financial situation and build it up over time, slowly but steadily. A good idea is to have at least $500,000 saved up by the time you are ready to retire. Yes, a half-million dollars! So if you started at age 21 you would need to save just over $11,000 annually until you were 65 years old. Think about that, and realize that the older you are when you start your savings, the bigger that annual amount needs to be. It's a little daunting. But it is better to start late than never.

Whatever plan you make, and how ever you come up with it, it is useless if you don't stick to the plan. So get a financial planner if you need to, and start saving as soon as possible. Time really does fly, and before you know it it will be time for you to retire. Good luck!

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