{"id":981,"date":"2020-07-06T15:45:21","date_gmt":"2020-07-06T15:45:21","guid":{"rendered":"http:\/\/sandbox.planmember.com\/dev-4thpointwealth\/how-much-should-i-save\/"},"modified":"2020-07-06T15:47:37","modified_gmt":"2020-07-06T15:47:37","slug":"how-much-should-i-save","status":"publish","type":"post","link":"http:\/\/sandbox.planmember.com\/dev-4thpointwealth\/how-much-should-i-save","title":{"rendered":"How Much Should I Save?"},"content":{"rendered":"

Living a comfortable retirement requires a savings plan<\/b><\/span><\/h2>\n

For most of us, achieving a financially secure retirement takes careful planning. The first step in this planning process is to estimate your retirement income needs and then calculate how much you will need to save to meet your goals.<\/p>\n

 <\/p>\n

Determine your retirement income needs<\/b><\/span><\/h3>\n

Most experts say that you will need approximately 60% to 80% of your pre-retirement income in retirement. For a more thorough analysis of your retirement income needs, start by making a list of your current expenses.<\/p>\n

You may notice that some of these expenses, such as a mortgage or children\u2019s educational expenses, may decrease or even disappear by the time you retire, while other expenses, such as travel or insurance expenses, may stay the same or perhaps increase in retirement.<\/p>\n

Next, consider additional anticipated expenses that you might incur during your retirement. Often, these are the expenses that will fund your retirement dreams. Examples include the payments on the boat or motor home you\u2019ve always wanted, or the cost of a long-anticipated trip around the world.<\/p>\n

Identify sources of income<\/b><\/span><\/h3>\n

After you have estimated your overall retirement income needs, deduct any retirement income you will receive from such things as Social Security, state retirement systems, pension plans, annuities or other sources. You can receive an estimate of your Social Security benefits by contacting the Social Security Administration at\u00a0www.ssa.gov<\/a>. By deducting these sources of income from your overall retirement income needs you can determine the amount of retirement income that must come from your personal savings.<\/p>\n

Calculate what you need to save<\/b><\/span><\/h3>\n

Once you have determined the amount of your retirement income that must come from your personal savings, you can calculate how much total savings you will need to meet your income goal. Consider the age at which you will retire, when you will begin withdrawals and your overall life expectancy. Keep in mind that most of us will need a nest egg that will last for 15 to 20 years or more in retirement. The earlier you retire, the larger nest egg you will need.<\/p>\n

Monthly or weekly savings plan<\/b><\/span><\/h3>\n

After you have calculated your total savings goal, estimate how much you will need to save on a regular basis. Factors include your current age, expected age at retirement, withdrawal age and any retirement savings amounts that you currently have.<\/p>\n

You will need to make certain assumptions about the growth of your investments and how inflation will affect this growth. It\u2019s a good idea to keep your growth assumptions conservative. Overestimating the growth of your investments can lead to a savings shortfall when you reach retirement.<\/p>\n

PlanMember can provide a quick and simple Personal Plan & Savings Analysis to\u00a0 help you get started on the road to retirement. Contact us now, and start planning your future today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Living a comfortable retirement requires a savings plan For most of us, achieving a financially secure retirement takes careful planning. The first step in this planning process is to estimate<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"wf_post_folders":[],"acf":[],"yoast_head":"\r\nHow Much Should I Save? - Fourth Point Wealth<\/title>\r\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"How Much Should I Save? - Fourth Point Wealth\" \/>\r\n<meta property=\"og:description\" content=\"Living a comfortable retirement requires a savings plan For most of us, achieving a financially secure retirement takes careful planning. 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