Generally, people in retirement
spend 70% to 80% of what they spent while they were employed. So, if you spend
$2,000 a month now, you'll probably spend about $1,400 to $1,600 a month when
you're retired. Although Social Security pays a portion of your expenses
during your retirement period, you may need more depending on your
situation. Remember that healthcare expenses tend to be higher during your
retirement years. Below are three questions to help you outline how much
you should save
for retirement.
How long will your retirement
last? The Social Security Administration estimates that the
average 65-year-old can expect to live 17 ½ years beyond retirement. So,
depending on whether you retire early or late, you should adjust the amount of
money you save to last you beyond Social Security payments. Learn more
about Social Security and senior benefits from the NYC
Department for the Aging
Do you plan to work part-time as long as you
can? If you are healthy and believe you can work part-time well
beyond your retirement age, you may not need to save as much for retirement
since you'll continue to draw an income.
What type of retirement do you
envision? Think about the lifestyle you want when you're
retired. Do you plan on traveling every year? If yes, factor that
into a higher savings goal.
Generally, people in retirement
spend 70% to 80% of what they spent while they were employed. So, if you spend
$2,000 a month now, you'll probably spend about $1,400 to $1,600 a month when
you're retired. Although Social Security pays a portion of your expenses
during your retirement period, you may need more depending on your
situation. Remember that healthcare expenses tend to be higher during your
retirement years. Below are three questions to help you outline how much
you should save
for
Remember that unexpected emergencies
can come up at any age, so it is always a 
