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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 ...
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.
To determine your retirement goal, you'll first need to consider your expenses. As a general rule of thumb, aim to have enough saved to cover around 80% of your pre-retirement expenses per year.
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Retirement planning, in a financial context, refers to the allocation of savings or revenue for retirement. The goal of retirement planning is to achieve financial independence. The process of retirement planning aims to: [1] Assess readiness-to-retire given a desired retirement age and lifestyle, i.e., whether one has enough money to retire
Calculate Total Retirement Expenses. Multiply your estimated annual expenses by the number of years you expect to be in retirement. This will give you a rough estimate of your total retirement ...
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