Planning for Retirement
Planning for Retirement🪑 Retirement might feel like a far-off dream, but planning for it doesn’t have to be overwhelming. The earlier you start thinking about your retirement needs, the easier it can be to create a comfortable future. Let's break down three key areas to focus on: estimating retirement needs, maximizing retirement account contributions, and exploring additional savings options. 8.1. Estimating Retirement Needs💰 To kick things off, understanding how much money you'll need in retirement is crucial. While it might seem complicated at first, you can simplify this process. How Much Do You Really Need?💸 A good rule of thumb is to aim for about 70% to 80% of your pre-retirement income. This estimate takes into account that you might spend less money on work-related expenses and may not need to save as much for retirement itself. “ Understanding your needs today can make it easier to plan for tomorrow .” Consider Your Lifestyle👫 Think about how you wish to live in...