Posts Tagged ‘amount to save for retirement’

There are a lot of factors involved in estimating the amount you need to save for retirement. It all depends on how detailed you are willing to go and how much time you have on your hands. Some of the most basic factors are:

  1. What is your current annual income?
  2. What percentage of that salary could you live on after you retire?
  3. How long do you expect to live after retirement?
  4. At what age do you plan to retire?
  5. How much do you expect to receive from Social Security?
  6. How much do you have saved already?
  7. How old are you now?

There are of course an abundance of other important considerations, but if you would like a simple non-biased calculator try the BallPark E$timateĀ® at http://www.choosetosave.org. It is recommended that you reevaluate your needs on a yearly basis as determining factors cannot be predicted with certainty.

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