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So if you currently earn $100,000 per year, this rule says you’ll need $80,000 per year in retirement. As AARP explained, you can get away with less money after you retire because you’ll no ...
Tu recommends using a retirement calculator to figure out how much money you’ll need in retirement versus how much time you have to get there and how long you’ll realistically live after retiring.
Bankrate’s retirement calculator even lets you input different rates of return on your investments and accounts for estimated annual salary increases. 4. Map out your retirement budget.
Remember that guidelines are not set in stone — rather, they're good rules to follow. For instance, if you’re 30 years old and earn $75,000, you should try to have that much saved in your 401(k).
Use a Retirement Calculator. Take advantage of online retirement calculators, which can help you run different scenarios and fine-tune your savings goal based on various factors.
Image source: Getty Images. 1. Calculate your retirement number. The best way to know exactly how much you should save is to calculate your retirement number.To do this, you'll first need to know ...
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