Every once in a while I like to punch my retirement savings numbers into a retirement calculator. These calculators are far from being accurate, as they can't forsee all the ups and downs your future will take. However, I do find them helpful in the sense they give me a picture of how I am doing at the moment.
I also struggle with how much I should save for retirement. I'm naturally inclined to over save. However, I also have a current standard of living that I would like to maintain (it is not that high I just live in an expensive city). In that sense I often find the retirement calculators reassuring as they help me answer the questions: Am I saving enough? Do I need to cut back further?
Retirement is a long time away and I can't really plan for what I'll want to be doing at that point. What I can plan for is having enough retirement savings to have choices when I get there. Overall I feel good about my retirement savings at the moment. However, I hope to eventually save 20% of my income towards retirement (through a combination of employer and my contributions). It might be an overly high goal, but at least it is something to work towards.
Photo by Stephen Edgar - Netweb
I also struggle with how much I should save for retirement. I'm naturally inclined to over save. However, I also have a current standard of living that I would like to maintain (it is not that high I just live in an expensive city). In that sense I often find the retirement calculators reassuring as they help me answer the questions: Am I saving enough? Do I need to cut back further?
Retirement is a long time away and I can't really plan for what I'll want to be doing at that point. What I can plan for is having enough retirement savings to have choices when I get there. Overall I feel good about my retirement savings at the moment. However, I hope to eventually save 20% of my income towards retirement (through a combination of employer and my contributions). It might be an overly high goal, but at least it is something to work towards.
Photo by Stephen Edgar - Netweb
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