I’m currently saving for retirement

Congratulations on saving for retirement. But figuring out exactly how much to save can be challenging. After all, how can you predict how much you’ll really need in the future? Rather than relying on a crystal ball, here’s a general rule of thumb.

It is estimated that you will need 70% to 80% of your current income to maintain a similar way of life after you retire. For example, if your annual salary is $50,000, you may need $35,000 to $40,000 a year in retirement to continue your existing lifestyle.

The amount you’ll need also depends on your living expenses and how you’ll spend your time. Ask yourself these questions to plan how much you may need:

  1. How many years do I have until I want to retire?
  2. What do I want to do in retirement?
  3. Will I receive Social Security benefits and how much will I get?
  4. Will I have other income (e.g., a pension plan, a part-time job, inheritance or the sale of my house)?

Remember, the more you save, the better your chances of retiring comfortably. Update your contribution today.

WBIP-0018 (May 18)

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