How Much Do I Need In Retirement

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In the last few year surveys have given shocking results when it comes to retirement money issues. The question of how much do I need in retirement, is most of the time asked way to late in life. Millions of individuals have little to no money tucked away for their retirement years. In a 2014 retirement survey, the facts revealed that approximately 70% of people with no retirement plan such as an Ira or pension had less than $1,000.00 saved for retirement years.

th88QPEZ87Of course retirement planning and financial building is most of the time laid out for those with higher income and the individuals/couples with any type of knowledge on retirement and al it entails.

Could having little or no retirement funds put our society into a upcoming retirement crisis? It possibly could happen, just don’t allow it to happen to you.

Everyone’s situation is different, you most certainly do not want the same plan as your neighbor that has $50,000 in credit card debt and struggling with a small monthly benefit. I know you want a decent place to live, to have the money to do whatever you want, to enjoy your later years.

The only way to figure it out is to sit down and do some serious calculations on going into retirement, what you have or don’t have, including such things as:

  • Income available
  • Income that will stop
  • How long you will have to continue working
  • Expenses
  • Rising healthy cost
  • Replacement cost (such as vehicles, home appliances)
  • Inflation, taxes,

Of course if you presently have little or nothing saved, how about if you design your plan for working longer, supplementing your income, or working smarter. Depending on your age right now, if you do not presently have a decent retirement plan already in place, you will have to continue working into your 70‘s. (it is sad to say that millions of older individuals are working at minimun wage positions, because they have to).

Unless of course you have a rich relative you plan on living off of, or you could get in line and continue to buy those lottery tickets!

Do you plan on just relying on social security? WHY?

Most people, since they were not able to save any money for the golden years, plan to have social security as their main source of income once they retire. If you fall into this category what you need to remember is to maximize your benefits. This can be accomplished before you retire by getting raises, working a second part-time job, and even delaying retirement, because high earning years later in your working life will cancel out years in your twenties when your income was lower. The date you sign up for social security will affect the amount of your monthly income benefit as well.

. Of course it is a matter of trying to figure it all out.

So you see when you ask the big question of how much do I need in retirement, the answer is not a simple one. Face it, growing old and looking at all aspects of how, when, where to retire is not going to be easy, those willing to get help, learn new things, to plan and achieve their goals will definitely figure out the mass of retirement issues and will have a more smooth road to travel. A few good places to start is maximize your social security, using a retirement calculator  and getting the right advise for your situation.

 


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16 Comments

  1. Jernej

    In these day’s retirement really is a problem. And you can’t live normally with 500 dollars. This really is a good site that show’s how to live your life better when you are older, and can’t work no more. Keep on the good work,
    I will recomend this site to anyone that wants a better life.
    Jernej

    Reply
    1. Angela

      It is shocking the people that live on only social security and under $1,000 a month. People just don’t want to commit to saving for a decent retirement. I always say, it’s life find a way to work it out

      Reply
  2. Cathy

    Hi there Angela,

    Although retirement may sound like a relaxing phase in the later part of our life, it is also a vulnerable stage that succumbs us to chronic diseases and illnesses. You can boast about how fit you are right now, but no one can guarantee what kind of body you will have in the future.

    Many people or at least people in my parent’s generation, spend their retirement funds on medicine and treatments which left them very little to enjoy for the remaining of their life.

    So for me, the key to planning for a comfortable retirement should first include a comprehensive health insurance that you can buy while you are still young. Once you have that covered, then you can start to plan how much you really need during retirement, whether you want to travel the world, or simply laze by the beach.

    Reply
    1. Angela

      Wonderful! People definitely don’t plan on getting sick, and when they do, they don’t know where to turn. Here ‘s a great example: someone I know, a female in her early fifties recently had a double lung transplant. She was hospitalized for over 3 months, and her total bills are….(maybe you better sit down) over $1.25 MILLION !

      Reply
  3. Brian

    Hi,
    I think that the harsh reality that nobody every seems to want to talk about, is that nothing out there is structured for anyone to retire. What I mean is that you really have to go out of your way to be able to invest in your future like that. Social Security is a joke compared to the costs of attempting to live life at all, if you’ve not prepared correctly.
    Things just aren’t structured that way anymore. I think that’s the meat behind the statistic. People that typically don’t save is because they can’t.
    You’ve given practical advice to try to achieve this though. Second job, longer hours, delayed retirement. It’s just the time we’re in right now.
    Thanks for the info you’ve given to help people figure this all out.

    Reply
    1. Angela

      People can’t save, they don’t save (for whatever their reason), It seems to me more people are expecting handouts and for social security to support them through life. Right??

      Reply
  4. Alblue

    Hi there, your post make me realize that I should save enough for my retirement someday. Although I’m still young, I’m sure that what I build today will be harvested in the future.

    Saving some money little by little every month will surely help my living cost someday after I retired from professional jobs. Is there any measurement about when should a person retire?

    Thank you for the nice article 🙂

    Reply
    1. Angela

      the time for retirement will be different for each individual, there are many factors that come into play start here http://bit.ly/1ZSdk8r to get an idea

      Reply
  5. Bryan

    Angela,

    Thanks for this information about retirement. It’s really difficult for a lot of people today as they think about retirement because of a lot of factors. It really is alarming to think about how many people are going into retirement without enough to sustain them…

    I hope your information here is able to help many.

    Bryan-

    Reply
    1. Angela

      People just need to start reading, learning and understanding on what is down the road for them, they just need to formulate a plan A and a plan B. So many people live in daily activities and do not realize what their financial future will be like

      Reply
  6. Marc

    Great write up on how much you need in retirement. It really gets you thinking. I have been lucky to have lived around the world in my life. Different places you need different amounts, Currently I live in a town that has an average monthly income of $322. I make much more than that so I am actually comfortable. But it is very important to think of when where and how much it will all cost.
    Marc

    Reply
    1. Angela

      Hey Marc that is great on your living arrangements, obviously you found the answers for yourself! Enjoy your future!!

      Reply
  7. fmwaniki

    For sure we need to plan for our retirement early enough.It is very true that when people retire many are the times stress and depression starts wearing them down simply because they did not save enough at the right time.Your information is an eye opener and for the focused people it acts as guide to what kind of a life would one want to live there after.

    Reply
    1. Angela

      YEAH I am so glad you “get it” I am on a mission to get people to take control of their financial well being, build a retirement, and get out of debt, so I hope I can open more eyes and get more brains thinking about their own future events. Come back and visit often and help me spread the word !

      Reply
  8. NemiraB

    Hello here. You touched a sensitive topic here, in this article. Overall many people do not think about future. Maybe they expect that somebody will take care of them. Unfortunately it is not true.
    Social Security could help if you or me would have big amounts of it. However nobody knows how government will take care of money. Inflation and health issues can interfere with plans about quiet retirement.
    I hope that you will awake your visitors with your website showing various possibilities how to prepare for retirement.
    All the best, Nemira.

    Reply
    1. Angela

      Thank you Nemira for understanding and recognizing the issue of people not having enough money for retirement and expecting the government to take care of them. Our government agencies dole out way to much money for people that literally could work and earn a wage, yet they fall into another generation of living off the government.

      I invite you to spread the word and to tell people of my site.

      Come back and visit again,

      Thanks, Angela

      Reply

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