Reference no: EM133610356

Question: Whether you've already started saving for retirement or would like to start saving soon, it can be difficult to know how much you'll need to put aside each week, month or year to retire comfortably. In general, most financial professionals agree that to maintain your current lifestyle in retirement, you'll need about 70-90% of your current income each year. This income can come from a number of sources, including Social Security benefits, pension income, and your savings and investments. Naturally, the fewer guaranteed sources of income you expect to have, the more you'll need to save to supplement your income in retirement. If you're unsure what this means when it comes to setting your savings goals now, the following rules of thumb can help you come up with a monthly savings target-and implementation plan-to increase your chances of achieving the retirement you envision. Estimate Your Retirement Income Needs If you're new to your career, your annual salary and monthly budget may be significantly lower than what you expect them to be just prior to retirement. Still, you may be able to project what your income will be once you're established in your career