How Much Does The Average American Need To Save For Retirement?

  1. 21750 POINTS
    Jim Winkler
    CEO/Owner, Winkler Financial Group, Houston, Texas
    That is a great question! The easy answer is as much as you can. The more realistic answer is based upon your idea of retirement. If you want to travel, and live a life of leisure, that will cost more than if retirement means holing up somewhere and fishing the day away. Once you've got an idea of what retirement means to you, then assess where you are now, in that journey. The difference between here and there is what you need to save. The rule of thumb is that to live at todays standard of living, you will need to have at least 8 times your current salary put away. If you want to live better than you are now, then you will need to save considerably more. If you'd like specific numbers, contact me, and we can look at them. Thanks for asking!
    Answered on July 29, 2014
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