Taxes
If you're already starting to think about retirement, then you've come to the right place. Not so long ago retirement was considered a luxury but today it's a time of life that millions of Americans plan for, save for, and enjoy.
Of course, for many, planning and saving for retirement can be a challenge - how much money do you need to retire? How do you save for retirement on a fixed income? Is it possible to worry too much about retirement savings?
If you've worked hard to afford your retirement, don't let it be overshadowed by money fears, debt repayments or financial requests by adult children. In our Retirement articles, you'll find a wealth of information that you can use right now - wherever you are in your retirement planning.
How Much Money Should I Save for Retirement?
This is a very common question - so much so, that there are bookshelves full of books on this very subject, and just as many opinions. The truth is, the dollar amount that you should save is personal to you - to your current financial situation and your plans for retirement. This may include any investments you've made, savings or a 'nest egg' you've already accumulated, your current annual income and any outstanding debts you hold.
Use a retirement calculator to start digging deeper into the numbers, so you have some specific financial goals to work towards. The Social Security Retirement Age Calculator shares your potential Social Security benefit, which should also be factored in to your financial needs for retirement. Finally, if you expect to receive a pension from your employer, be sure to factor in that income as well. This is very important if you plan on trying to take early retirement.