Skip to Content

Retirement Savings: How Much Is Enough?

  • Posted on September 07, 2023

Many financial experts estimate the amount someone will need to retire comfortably is between 55% and 80% of their current annual income for each year they’re retired.  How much you’ll need will depend on expenses and lifestyle goals.

1. Expenses, Now and Later

Consider the expenses you have now and how they may go up or down over time:

  • Education
  • Housing
  • Transportation
  • Healthcare
  • Insurance

2. Retirement Lifestyle Goals 

Picture yourself happily retired. What does that look like? Are you puttering in your garden or cruising the world? Eating in or dining out? Downsizing or upsizing? Working part-time or taking off for good? Set some goals and commit to working toward them.

3. Retirement Income Streams

Think of the income streams you already have going and consider new sources to add:

  • Social security
  • 401(k)
  • 403(b)
  • Traditional IRA
  • Roth IRA
  • Pension
  • Rental income

4. Make Adjustments

Not saving enough yet? It’s never too late to make changes. You can reduce your spending, save more, generate supplemental income streams, or wait a little longer to retire. If you have a spouse or partner, work together on a plan both of you can get behind.

Need some help and guidance? Reach out to a United financial consultant.  

External Link Disclaimer

You are leaving United Community and being directed to a third-party site that is not maintained, owned or operated by United Community Bank. United Community does not control and is not responsible for the privacy or security practices of the third-party. By clicking “Accept,” you are requesting to be transferred to the third-party website. If you do not want to visit the page, you can close this page by clicking "Return To Site”.