How Much Money Should I Have Saved Up for Retirement?

Many Americans realize the importance of saving for retirement, but learning exactly how much they need to save is another issue altogether. With all the information available about retirement, it is hard to know what is really appropriate for your specific situation.

A rule to follow is that retirees will need approximately 80% of their pre-retirement salaries to maintain their lifestyles in retirement.   However, depending on your set-up and the type of retirement you hope to have, that number may be lower or higher.

Fortunately, there are several factors that can help you work toward a retirement savings  goal.

There are a lot of things that people will think about retirement. There are unexpected issues, such as health problems or workplace changes (downsizing, etc.), tend to stand in their way.    Of course, the earlier you retire, the more money you will need to last throughout retirement. It’s important to prepare for unanticipated occurrences that could force you into an early retirement.

Although you can’t know what the duration of your life will be, there are a few factors that may give you a hint.

You should take into account your family history—how long your relatives have lived and diseases that are common in your family—as well as your own past and present health issues.  You should also consider that life spans are becoming longer with medical developments.  More people will be living to age 100, or perhaps even longer. When calculating how much you need to save, you need to factor in the number of years you will spend in retirement.

Health Care is another factor you must consider. Health-care costs have been rising much faster than general inflation, and what happens is that fewer employers are offering health benefits to retirees. Long-term care is another consideration. These costs could severely dip into your savings and even result in your filing for bankruptcy if the need for care is prolonged.

You need to decide on what lifestyle you want to live after retirement. Do you wish  to travel? Are you thinking  to be involved in philanthropic endeavors? Are you the type who likes to have an expensive country club membership? Are there hobbies you would like to continue?  If you know what you want, it can help you decide what additional costs your ideal retirement will require.

If you think you have accounted for every possibility when constructing a savings goal but forget this vital component, your savings could be far from sufficient. Inflation can lower the value of your savings from year to year, helping you reduce your purchase power over time.   It is important for your savings to keep pace with or exceed inflation.

Many retirees believe that they can rely on their future Social Security benefits. However, this may not be true for you.  The Social Security system is under increasing strain as more baby boomers are retiring and lesser workers are there to pay their benefits.

Finding the right independent financial advisors can be quite a challenge. Visit  http://www.shustermanfinancial.com/
they strive to provide the best, most informed, most knowledgeable and educated financial services possible.

Here are other sites that can be helpful to you:

Massage Therapist - Danieli Gabardo graduated from Body Mind College as a Certified Holistic Health Practitioner. She completed a Massage Mastery certification program with Dr. Barry Green (2005) in which she learned  trauma release, in-depth deep tissue, therapeutic, esalen and Swedish massage.  In combination with her experience, these therapies provide deep healing and relaxation

Internet Marketing Success -  Body Mind Success Coaching is to support your path  to success. This is the secret to every successful individual in any arena…look around, look at athletes, look at businesses, or simply look at the healthy individuals you know.  They all have some support system(s) to help them stay on the road map to success.

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