How Much Do I Need?

Financial experts say that when you retire, you'll need approximately 75% of your current income, every year, to maintain your standard of living. This chart shows what a 30-year old person making the various annual incomes shown below, assuming a 4% annual salary increase, will need to have saved up when he or she retires in 35 years (at age 65).

Estimated Savings Needed For Retirement (assumes 35 years to retirement)

Current Salary Total Estimated Amount Needed at Retirement $20K $  713,921 $30K $1,070,881 $40K $1,427,842 $50K $1,784,802 $60K $2,141,763 This example assumes that the Total Estimated Amount will generate 75% of Current Salary over a 23 year payout period, the average duration of retirement.

How do you reach numbers like the ones shown above? According to financial experts, you should be putting away 10% to 15% of your current salary in order to provide for your retirement years. But that's a very high number. So…where will you get the money you need for retirement?