How Much Income Will You Need In Retirement?
It’s a good question, and one that isn't easy to answer without some additional analysis of your personal situation. The short answer then is, it all depends! What do you want to do when you retire? Settle down in a condo on the golf course? Travel America in a new RV? Spend more time with your grandchildren? Your current standard of living and the standard you're aiming for in retirement has everything to do with how much money you'll need.
Plan for the long term
Consider also, that how you spend your money in retirement will likely change over time. Early on, you may find you're spending more on travel and hobbies. Later, you'll likely stay closer to home and your expense will go down – for a while anyway. As you get older, you can expect your expenses will rise as you pay more and more out-of-pocket for health care expenses.
Only you can decide exactly what you'll need
Your retirement goals and factors such as stage of retirement will determine more precisely how much income you will need. Saving now with a financial goal in mind should start you on your way to fulfilling your retirement dreams.
Talk with a qualified investment professional. Together you can create a workable, realistic plan that you'll be comfortable with.