How Much Money Do You Need To Retire? Lost and Unsure- Let’s Break Down The Numbers Together

Retirement Hacks

Photo by RDNE Stock project

We all have some idea of how much we need to retire. Maybe it's $1 million, $2 million or $10 million by the time we reach 65 years old. It’s some arbitrary number. But if we are being honest with ourselves, we don’t really know. We never really calculated the numbers.

We hope someday the pension that we get from our job and our savings throughout our 40-year career will amount to a handsome sum as we navigate and enjoy our golden years.

Most Americans believe it is the $1–2 million mark.

Let’s calculate the numbers

Key things to note:

1. The number is just a guide.
2. The number is not a one-size-fits-all. (Affected by your location, lifestyle and inflation).
3. The retirement number creates a space to decide how you want to plan out your financial life as you approach retirement. How do you want to distribute your money allocations?

Most experts recommend this:

1. Save 15 % of your income.

This is simple enough.

• If you make $70k, save…