How much money will you need to have when you retire?

July 17th, 2012 No Comments

Senior Financial Planning Mercer County, New JerseyWe all know we should be saving for our retirement. But just how much should that be? It’s nearly impossible to predict, as the future is unknown. How long will you live? What will your medical expenses be? What will your elder care needs be? Will you be able to stay in your own using home care NJ or will you need medical care 24/7 for a period of time?

Aon Hewitt, a benefits counselor, has developed a simple strategy: he’s determined you will need 11 times your final salary. This is based on retiring at age 65 and continuing to live at your same standard of living. There are many who have different views, of course, but in the long run, it’s best to be conservative in your spending and liberal in your saving. This will help ensure your future retirement.

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