How Much Do I Need To Retire

 

The question on many people’s mind is “how much do I need to retire”? This is a very good question but not an easy one to answer.  You can’t just pull a number out of your hat.  You need to seriously think about your cost of living so you are able to come up with a proper number that will be a comfortable living situation for you and your spouse.

 

 

It is recommended to have 50-70% of your current income in order to live in comfort.  In order to calculate this you have to take into consideration your pension, home bills, health care, travel costs, spending and debt.  All of these can play a major part in increasing the amount of money you would need or decreasing it.

 

Of course when you retire life will be different.  You will spend less money on most things.  You won’t be raising a family anymore, hopefully you will have a home that is paid off, therefore having no mortgage.  And you won’t be driving to work every day.

 

Some other examples of items you may spend less on when you retire:

 

·         Clothes

·         Cell phone

·         Household furnishings

·         Gas

·         Car maintenance

·         House maintenance

 

Of course, when you spend less money on some things, you may spend more money on other things.  You will be home more so will be using electricity and heating more.  You will want to do things and get out and see places you’ve never seen before.  These things will potentially cost you more than when you were working.

 

Some other examples of things you will spend more money on when you retire:

 

·         Travel

·         Activities

·         Entertainment

·         Health Care

·         Home Experience

·         Spending

 
 

So when you sit down to work out how much money you want to make sure will be in your retirement fund, make sure you take into considerations the items discussed above.  It is very important not to restrict yourself even if you feel like a certain low number will be fine.

 

You can be young without money but you can't be old without it."
Tennessee Williams

 

Retirement will be a time for you to do all the things you always wished you had more time and money to do.  So make this be your motto: Take in all the retirement wishes and do all the things you never could do as a working man or woman!

 

 

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