Your coaches explain some key factors to consider.
How much retirement savings do you need? To a large extent, the answer depends on three key factors: where you plan to live and the cost of living there; how many years you’ll live in retirement; and, how much your health care expenses will be during your retirement years.
That’s a great point. The average life expectancy for U.S. women is roughly 80 years old, and for men around 75; but you may live a lot longer. And retirement years are when most people have their highest health care costs.
Many experts recommend that you aim for 75-85% of today’s income after you’re retired. How much money you’ll want to have for retirement depends on the lifestyle you’d like to enjoy.
The question is: how much will I need?
Click the Next button to learn about the six common sources of retirement money.