Is There a Magic Number to Save for Your Retirement?
When it comes to trying to determine whether or not you’ve saved enough for retirement, there are so many factors that you have to consider. You need to think about what bills you’ll have, how much you need to support your lifestyle, what your tax burden will be like, how you’re going to afford healthcare and long-term healthcare costs, what sorts of revenue you’ll have coming in, and more. It can be overwhelming to think about all the things that go into retirement planning and ensuring that you have enough money saved to support you.
So, is there a magic number that you need to save for your retirement? Some secret formula that helps you determine exactly how much money you need to save so that you can retire with peace of mind knowing that you’ll be able to support yourself for the entirety of your retirement. This week on Wise Money, Michael discusses how to figure out how to determine how much you should save for your retirement so that you can retire with confidence.
It’s an episode you don’t want to miss, tune in now to find out!