Setting a savings goal is the first step in building wealth for the long run.
If you’re like many Americans you may worry you’re saving too little—or even be unsure how much to save in the first place.
While saving takes discipline, it’s not rocket science. The first step is figuring out how much you need to save for each important goal in your life, whether it’s building a rainy-day fund or a Whether you need three months’ worth of cash or more depends on your situation. If you’re single and in your early 20s, less savings might be acceptable because young people often find it easier to land a new job quickly after a layoff. On the other hand, losing a job in the midst of a recession could be disastrous for a middle-aged breadwinner supporting a family. Such a person might need a year or more of living expenses in the bank to sleep well at night.
The thinking behind this rule of thumb is that retirees only need about 80% of their preretirement income because they’ll no longer need to save or contribute to Social Security and Medicare. They may have paid off their mortgage. Work-related expenses like commuting and dry cleaning will decrease as well.Based on the 80% rule, if your annual preretirement budget was $150,000, you’ll need $120,000 per year in retirement, after taxes.
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