As we get more comfortable with our finances, we’re looking for ways to improve our financial system, which includes our retirement plans.
So far we’ve been basing our plans on an estimate we did a few years ago. However, after reading some books on determining a better calculation for how much one needs for their retirement nest egg, I decided to refine our plans. It’s helped us to feel more prepared for the eventual day when we both retire from our careers.
If you haven’t checked your number recently, I highly recommend it. Even if you’re off on your estimates, having some goal to work towards can be incredibly effective as motivation to get started and stay on your plan.
Here are five tips to help you estimate how much you’ll require at retirement:
1. Looking Beyond the Basics
If you’re trying to find the superficial numbers, there are several questions you need…
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