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what can you do if
Newsflash! America is rapidly graying, and many Baby Boomers haven't saved enough for
When it comes to retirement, time is mostly on your side. Thus, if you are still many years away
from retirement you still have time to build up your nest egg. However, if you are closer to
retirement you will need to increase your savings as soon as you can since you don't have as
much time for your investments to appreciate.
There are two methods to help guide you. Some basic rules of thumb that anyone can quickly use
to get an estimate and then the process of creating a detailed estimate of retirement expenses
and income.
Retirement Rules of Thumb
The most common method is simply by using one of the general rules of thumb about retirement
income. For years people have been told that you need to generate 75-80% of your preretirement income during retirement to maintain your current lifestyle. This is a fine place to start,
but there are simply too many problems with this method.
First, we can't predict the future. We can make some assumptions as to why we will need less
income during retirement such as not having a mortgage payment or no longer commute to work,
but nothing is certain Epecially if you have a number of years yet before retirement.
Assess Your Current Situation
A better way to determine how much you should save up for retirement would be to create a
detailed estimate based on your specific situation. This means sitting down and taking a look at
exactly what expenses you will or won't have in retirement, what sources of income you will gain
or lose, and any lifestyle changes you may have.
In order to know whether you're saving enough for retirement, you should examine your current
financial situation. If you have a financial planner, schedule an appointment to discuss your
retirement plan; you may not be as far behind as you think. On the other hand, you may have
some catching up to do, making it even more important to make changes to your retirement plan
as soon as possible.
Creating a Detailed Estimate
A better way to determine how much you should save up for retirement would be to create a
detailed estimate based on your specific situation.
Some people will still carry a mortgage while others won't. Some people may choose to buy a
second home or move to a new location in retirement. And depending on what you do during
retirement will have a huge impact on your income needs. You may find you can live comfortably
on 25% of your pre-retirement income or you may find you need 150% of that income to reach

your goals. Your plans will ultimately dictate how much money you need.
It is hard to say where life will take you so your actual savings goals may change significantly. If
you start saving early and find out you're saving more than you need to that is a good problem to
Retirement Planning

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