PHOTO | FILE Envision the life you would like to lead at your retirement and start saving towards it.
What you need to know:
Planning for any goal as big and far away as retirement requires some assumptions and an understanding of how they may impact potential outcomes.
The earlier you start saving for retirement, the better. The longer you delay, the harder it will be to reach your retirement savings goal.
Your retirement age can have an even bigger impact on your retirement savings.
There is no magic number for the amount you should have in retirement savings. Every individual’s priorities and needs are unique. But determining how much income you will need in retirement is a critical step in meeting your goals.
HOW MUCH money do you need to save for retirement? It is a simple question but the answer is complicated because there are so many variables, some known, others impossible to pin down, that can shape the final answer.
Planning for any goal as big and far away as retirement requires some assumptions and an understanding of how they may impact potential outcomes.
