Bank of Blue Valley Blog

Home Blog
How Much Money Do You Need to Retire? image

How Much Money Do You Need to Retire?

Posted On: December 12, 2018 by Bank of Blue Valley in: Budgeting, Retirement, Save Money, Savings

Asking yourself how much money you need in order to enjoy a comfortable retirement is difficult. Although it may be a challenge to figure out how much money you’ll need, a true monetary amount is different for everyone. It depends on factors such as where you’ll live, how healthy you are, and what you want to achieve in retirement. For example: travel or try exciting, new adventures. Ultimately, it depends on your lifestyle. But, here are some general guidelines to help you refine your answer. Figure out your living expenses. It is best advised to figure out how much you’re actually spending now. Create a budget, (if you haven’t already) to keep track of all your expenses. Doing this gives you the opportunity to see how much you’ll potentially need for your future. Aim for 80 percent. Financial experts suggest that you will need at least 80 percent of your income during retirement. For instance, if your salary was $75,000 per year, you may need...