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Tracy Stewart, CPA
  • (979) 324-8179
  • (979) 324-8179
  • Location
  • Contact
  • Menu

Tracy Stewart, CPA

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  • (979) 324-8179
  • (979) 324-8179
  • Location
  • Contact
  • Menu

Peace of mind through financial clarity.

How Much Will I Need to Save for Retirement?: Common Money Advice Series

December 7, 2017 by Tracy Leave a Comment

If you’re thinking about retirement, it’s likely you’ve heard the advice to save 70% of your pre-retirement income. But will that be enough for you to enjoy a long, lasting retirement?

In today’s episode of Your Money Minute with Tracy Stewart, CPA, I want to discuss advice on how to save enough for retirement. You’ve probably heard that 70% of your pre-retirement income is a good standard, but for most people, this just isn’t enough to live comfortably.

The problem with the 70% pre-retirement standard is that it doesn’t account for much of the spending you may do in retirement. If you plan to travel or live a little larger than you do now, you’ll blow through the 70% pre-retirement income savings very, very quickly.

As mentioned before, retirement takes a lot of preparation. I recommend you work with a financial advisor to develop projections for your retirement needs. This will help you confidently and accurately plan for an appropriate amount to save — not an arbitrary 70% value that may or may not meet your needs. In fact, for many individuals, I find that a conservative amount is closer to 100% or 110% of their pre-retirement income for retirement savings.

I talk a lot about planning for retirement, and you can continue discovering more here:

  • Developing a Healthy Perspective on Retirement Planning and Goals
  • TIP: Breaking Big Retirement Goals into Smaller Pieces
  • Is It Really that Important to Be Saving for Retirement Now?

Financial independence is unbelievably liberating. Having a strong plan for your future financial needs will give you the peace and confidence you’re ready for any adventure your tomorrows throw your way.

Remember: You can subscribe to my YouTube channel for even more practical advice on making the most of your money and life in the next episode of Your Money Minute.

Filed Under: financial planning, Retirement, your money minute

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