The amount you need to save now depends on how you want to live after you retire. Predicting exactly how much income you’ll need in retirement is challenging because the future is uncertain. It’s a good idea to consider several scenarios. For example, if you plan to travel extensively after you retire, you may need to save more than if you plan to spend most of your time relaxing at home.
Consider using the following calculators to help you make this decision.
Gather the information you’ll need to input into the calculators.
Complete the AARP Retirement Calculator for a quick informational snapshot. It will help you determine the minimum amount of money you’ll need for retirement.
Try the ESPlanner Basic for a dynamic plan. It will help determine how much you should spend, save and insure each year to achieve a stable living standard over your lifetime.