From the course: Financial Literacy: 401(k), 403(b), and Self-Directed IRA
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How much should you save?
From the course: Financial Literacy: 401(k), 403(b), and Self-Directed IRA
How much should you save?
- A question I get all the time is, "How much should I save?" The most important factor in determining how much you need to retire is whether you'll have enough money to generate the income you'll need to support your desired quality of life after you retire. But there is no singular formula for figuring out how much you should save for retirement. More than likely, it'll depend on your future, both unknown and unknown factors, such as your life expectancy, your current spending and savings levels, and your lifestyle preferences in retirement. Let me help you create an estimate. Here are three steps to help you figure out how much you should save. First, estimate future income needs. You can find worksheets to assist you in this process in the exercise files. Second, use a retirement planning calculator. You can find free and paid retirement planning calculator apps and tools with a quick internet search. Third…
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