There are a number of sites that provide calculators to help you determine how much you need to save each year to accumulate a specific sum of money for retirement.
Will you need 70% of your preretirement income? More than 70%.?
The first step is to define what a successful retirement means to you and then set a date. Then you can determine what it wil cost cost to finance your retirement, starting with a budget. Working with a financial or retirement planner would be best, however, a site calculator gives you a the idea..
On my website www.jpw.ca you will find a Retirement Planning Checklist avaialble as a resource.
If you have further questions, or fell that I could be of assistance, please do not hesitate to contact me.
That is a great question! The first step is to decide exactly what your retirement looks like to you. Do you want to travel? Hole up somewhere and fish all day? Live basically as you do now? Once you've done that, take a look at where you are financially right now. What are your assets? What debts do you have? How much longer do you anticipate working? Then you can figure out how to get from where you are, to where you need to be to ensure your retirement looks like you want it to. The rule of thumb is to live at the standard that you are now, you will need to save between 8-10 times your current salary. If you aren't comfortable now, then you will need to save even more. A good advisor can help you find a way to get started, or to adjust the plans that you have. I hope that helps, thank you for asking!
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Will you need 70% of your preretirement income? More than 70%.?
The first step is to define what a successful retirement means to you and then set a date. Then you can determine what it wil cost cost to finance your retirement, starting with a budget. Working with a financial or retirement planner would be best, however, a site calculator gives you a the idea..
On my website www.jpw.ca you will find a Retirement Planning Checklist avaialble as a resource.
If you have further questions, or fell that I could be of assistance, please do not hesitate to contact me.