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How Much Do You Need to Save for Retirement?

One question that plagues millions of Americans is, how much do you need to save for retirement? When many people are just making ends meet, the thought of having to pile up a million dollars or more for retirement seems like a pipe dream.

Conventional retirement savings wisdom has been that you need to save about 70 percent or more of your pre-retirement income to maintain your current lifestyle. A better idea may be to base your projections on your current spending instead of your current income to arrive at a reasonable figure.

Doing this will probably brighten your retirement picture, according to a Retirement Confidence Survey that showed half of retirees spend less than before they retired, and 37 percent spend about the same. So your pre-retirement spending is a pretty good indicator of what you will spend in retirement.

There are a number of retirement calculators on the Internet that can help you, but your best bet is to consult with an Irvine retirement planning attorney, who can assist you with savings strategies that fit your individual lifestyle and needs.

The Flanigan Law Group provides Southern California residents with personal attention for estate planning, administration and litigation legal services. When disputes between families, arise, they are very successful in resolving legal estate issues quickly and efficiently while preserving financial and emotional resources. Contact the Flanigan Law Group at 949-450-0042.

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