How Much Do I Need To Save For Retirement?

09/23/2011 11:09 AM ET

How much do I need to save for retirement? It's a complicated question because no one knows your retirement better than you. You should have a plan to save, and something invested such as property when it comes time to leave the workforce. The amount of money you will require in the future will be more than today, so it's a good idea to start your savings as soon as you can.

How Much Do I Need To Save For Retirement?Knowing exactly what you need is probably the most difficult question to answer. It's a wise decision to plan for your own retirement without depending on Social Security. It's also getting harder for people to live on the benefit when it comes time.

If you are paying on your home, that's the biggest investment you can make today. Save it before you leave the workforce. This might not sound easy, but unless you want live in an old apartment somewhere, try to pay it off as much as you can.

Total up the balance left on your mortgage, and that will give you a place to start on how you enter retirement. If you can pay off your home, then all you need is some money for food, clothing, and utilities. A nice warm home you can stay in is another financial sound decision.

Your retirement plan should be chosen carefully. For example, you can try to play the stock market and hope for the best, but a home is guaranteed and that's how you will live debt free. If the housing market does soar again, as predicted in 10 years, you could easily sell your home for a profit and save much of that as your nest egg.

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