Investing for Your Future - Getting Started
Statistics - How Much Will You Need?
Retirement Income Needs
Most experts agree that you will need between 70% and 90% of your current income, adjusted for inflation, to live comfortably during retirement.
When you retire, some living costs may go down
- You may own your home free and clear
- You will not have work-related expenses for commuting, child care, special clothing and eating out
- You may no longer have the expenses associated with raising a family
- You may pay less income tax if you are in a lower tax bracket
As you get older, other costs may go up
- Higher expenses for medical insurance and health care are likely
- Filling your increased leisure hours with enjoyable activities may cost more
- An upgrade of your lifestyle, extensive travel, or the purchase of a vacation home or RV may require more than 70%-90% of your current income