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A common rule of thumb is to have 10 to 12 times your annual pre-retirement income saved by age 67 to maintain your lifestyle. Alternatively, aim to save enough to replace 70% to 80% of your pre-retirement income annually, using the 4% rule (multiplying desired annual income by 25) to estimate your total needed nest egg.
Key Guidelines to Determine Your Number:
Income Multiplier: If you earn $ 100, 000 $ 100 comma 000 $ 1 0 0, 0 0 0 annually, you should aim for $ 1 $ 1 $ 1 million to $ 1.2 $ 1.2 $ 1. 2 million in savings. The 4% Rule: If you need $ 60, 000 $ 60 comma 000 $ 6 0, 0 0 0 per year to live on, you need a $ 60, 000 0.04 = $ 1.5 the fraction with numerator $ 60 comma 000 and denominator 0.04 end-fraction equals $ 1.5 $ 6 0, 0 0 0 0. 0 4 = $ 1. 5 million portfolio. Age-Based Targets : By age 30, try to have 1x your salary; 3x by 40; 6x by 50; 8x by 60; and 10x by 67. Monthly Savings Goal : A simpler, alternative approach is to aim for $ 240, 000 $ 240 comma 000 $ 2 4 0, 0 0 0 in savings for every $ 1, 000 $ 1 comma 000 $ 1, 0 0 0 per month in desired income.
Factors Influencing Your Target:
Lifestyle: Retiring comfortably might require more if you plan to travel extensively, or less if your home is paid off and you have lower expenses. Location: The cost of living in your chosen retirement location significantly impacts your budget. Healthcare: Medical expenses often rise in retirement, requiring a buffer. Social Security: Social Security can provide additional income, reducing the amount you need to withdraw from your own savings.
Disclaimer: These are general guidelines. Personal financial situations vary, and consulting a financial planner is recommended for tailored advice.
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Merrill ® Personal Retirement Calculator
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