To determine the answer, first ask yourself these three questions:
- How young do you want to be when you retire?
- Do you plan to maintain your existing lifestyle with a similar monthly budget?
- Do you plan on traveling or changing your state of residence?
If you plan on maintaining your existing lifestyle, and retire at age 67, a good rule of thumb is to have saved 10 times your annual income by the time you retire. The amount you need can be adjusted based on your retirement goals and savings plan.
The best thing you can do is start saving when you’re young, and let your investments grow over a longer period of time.
If you need help with the specifics, set up a complimentary consultation with our advisors.
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