How much money do you really need to save to retire comfortably?
For many people, this question causes a lot of anxiety. On the one hand, you want to save enough so that you don’t run out of money after you’ve stopped working. Your retirement account should be large enough to cover you for the rest of your life and, if you so desire, leave some inheritance for your kids, grandkids, and anyone else important to you.
But at the same time, you don’t want to save so much that you can’t possibly spend it all during retirement. It’s a fine balancing act – ensuring you’re saving enough for retirement without undermining your quality of life right now.
Let’s explore some factors to consider in your retirement planning.
The post How Much Money Do You Need to Save for Retirement? originally appeared at The Budget Mom.