How much money do you need when you retire?

Do you have an idea as to how much money you need so you’ll have comfortable retirement? Then, read on!

13:02 16 March 2013

Saving for retirement is one of the most talked about topics for some groups of people these days. With the cost of home care and medical assistance soaring high, one must understand that in order to have a comfortable retirement, he or she must have more than enough money to live by.

But how much is enough exactly?

You’ll get an idea as to how much you’re going to need to have a comfortable retirement by monitoring your daily expenses. How much do you usually spend on food, mortgage, transportation, insurance, and other incidentals? After getting the amount, consider the inflation rate and multiply it by the years you have until you hit retirement.

Keep in mind that you might spend more money on other things when you’re older. For example, you may need more medicine or medical assistance once you hit 50 or 60 years old. Anticipate those kinds of things. It’s best if you can get all type of insurance that can protect you from these types of expenses.

One important tip I can give you is to always prepare for the worse. This means save as much as you can. Also, start saving for your retirement as soon as possible.