Retirement how much do i need

Investment performance will vary over time, and it can be difficult to accurately project your actual income needs. Furthermore, it's worth mentioning other considerations. For one thing, not all retirement plans are equal when it comes to income. Money you withdraw from a traditional IRA or k will be considered taxable income. On the other hand, any money you withdraw from a Roth IRA or Roth k is generally not taxable at all, which may change the calculation a bit.

That's just one example, and there are other possible considerations as well. While we're trying to present the broad strokes here, it's still a good idea to consult a financial advisor who can not only tailor a retirement savings goal to your particular situation but can also help set you on the right path with a savings and investment plan that can make sure you reach your goals.

By using the methods discussed in this article, you can get a good idea of how much you'll need to save in order to retire comfortably. Keep in mind this isn't designed to be a perfect method but a starting point to help you assess where you are and what adjustments you might need to make to get yourself to where you need to be. David C. David's areas of focus are retirement savings, pensions, annuities, international pension and retirement savings systems, and PBGC.

What is your advice for someone who may be worried about retiring because of recent financial setbacks? David John: If your health, family responsibilities and job status allows, continue to work longer than you might have before. The extra time allows you to save more and for the markets to continue to recover from past losses. Most important, delay taking your Social Security for as long as possible so you'll have a larger, inflation-protected benefit.

The Motley Fool: There are no hard and fast rules about when to retire or how much we should have saved, but what three pieces of advice would you give someone who is just starting their first retirement savings account? Discounted offers are only available to new members. Stock Advisor will renew at the then current list price. Investing Best Accounts. Stock Market Basics. Select link to get a quote. Type a symbol or company name and press Enter.

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But what's right for you? And how do you know you're on track? Will your savings be enough for the retirement income you'll need? Different accounts may have different fees that can eat into returns in addition to different tax implications. And you should consider whether you will be required to take minimum distributions once you hit age Click "OK" to logout Click "Cancel" to remain logged in. OK Cancel. Get our Free E-newsletters. Toggle navigation.

Spouse Monthly Social Security income: Consult the annual statement available from the Social Security Administration or calculate your benefit at www. Most government pensions do; most private pensions do not. Yes No Yes No 3. Years you expect to live in retirement: Assume you will live until at least Current gross income:.