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As you begin to think about your golden years, the inevitable question is "how much do I need to retire?" There is no one-size-fits-all answer to this question, it all depends on what YOU would like to do while in retirement.
So where do you start? Let's figure out how much you really need for retirement.
There is a simple calculation to help you with this decision: > Take 70-80% of your current annual income. The take the result and multiple it by 25, the result is what you need to save for retirement.
Here is an example:
If your current income is $75,000, 70% of $75k is $52,500
Multiplying $52,500 x 25 equals $1.312 million >>>this is the amount that you need to save to retire.
Check out the FREE retirement calculator atwww.BaconHeels.com (LINK IN BIO) to help you determine how much you will need to save for your dream retirement.
Join us on Tuesday Nov 22, 2022 at 9am PT/12pm ET for a Financial Literacy Webinar where we will cover 5 smart money moves (from saving & budgeting to retirement) and help you gain financial confidence in an interactive, fun, and non-intimidating way.
To learn more about Beverly and Bacon & Heels, read the "Power 5" interview that we did with her in September 2021 - you can read the full blog post HERE.
Thank you for your contribution Beverly!
Contributed article by Beverly Wilks, tech marketing executive, financial literacy champion and blogger at Bacon & Heels.