By: Kara Gilmour - Staff Writer
Published: May 21, 2021

How much do I need to save for retirement? (Financial)

How much do I need to save for retirementHow much do I need to save for retirement? This question is always asked by people who are thinking about their retirement. If you plan to retire in the next 15 to 20 years, it’s a valid reason to be thinking about it now. Depending on what you have today will depend on how much you will need.

Putting social security aside, how much do I need to save for retirement? I say this because I am not planning to live off the government’s social security benefit when I retire. Don’t depend on it because it might not be there.

If you are paying on your home, that’s the biggest investment you can make today. Pay it off before you retire. This might not sound easy, but unless you won’t live in an old apartment somewhere, try to pay off your home.

Total up the balance left on your mortgage and that will give you a place to start on how much money you will need for retirement. If you can pay off your home, then all you need is some money for food, clothing, and utilities. If there is social security, then that will pay for everything else.

You could also work part-time somewhere to get the extra funds. It’s not as bad as you may think - it will get you out of the house - and it will give you some exercise. There’s nothing like having a job knowing that you aren’t trying to pay for your home.

Everyone is different and have different needs. Sure, you can try to play the stock market and hope for the best, but a home is guaranteed if you pay it off. If the housing market does soar again, as predicted in 10 years, you could easily sell your home for a profit.


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