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After you calculate your expenses and your retirement income, you can figure out how much money is left over for investing in retirement.
A lot goes into figuring out how much money you need to retire. In the end, the amount you need to retire depends as much on the amount you spend as it does on the amount you have saved.
2. Calculate how much money you will need Once you’ve determined what your retirement goals are, it’s time to figure out how much money to save based on your current income and expenses, and ...
For many Americans who count on Social Security as the foundation of retirement income, it’s next to impossible to live out your retirement comfortably. The average Social Security benefit was ...
Check out Bankrate’s retirement income calculator to figure out how much monthly income your savings will provide you.
Most retirement experts recommend using the 80% rule to determine how much money you’ll need. That means you should expect to use 80% of your pre-retirement income to cover expenses in retirement.
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