When figuring out how much money you'll need to live on during retirement, remember to budget for "wants" as well as needs. You'll need food, clothing, shelter, and health care. What about the comforts of retirement? Perhaps you hope to travel. Take up new hobbies. Volunteer. Entertain.
How much money you'll need in retirement depends on a number of things. For example, will you still be making house payments when you retire? Will you be financing your children's education?
According to a University of Georgia study, most retirees need 70% to 85% of their pre-retirement gross income to maintain their lifestyle during retirement.
For more retirement planning and investment advice, use this online retirement calculator, e-mail a Provident Financial Consultant* or call (650) 508-7222 or (800) 656-4096. Provident offers a full range of Investment and Retirement Planning services.