Pension Plan

How Much Should You Be Saving for Retirement?
Regardless of your age, saving for retirement should be an important priority in your overall financial plan. Social Security and pension benefits will provide only a portion of your retirement income; you’ll need to fund the rest yourself from personal savings and investments. How much do you need to save to reach your retirement savings goal? Find out by answering the questions below.
1. In how many years do you plan to retire?
2. How many years do you expect to spend in retirement?
3. In today’s dollars, how much will you need in annual income during retirement?
4. What percentage of that income do you expect to be covered by Social Security and pension benefits?
5. How much do you currently have set aside for retirement?
6. Which rate of return is closest to what you will strive to earn on this money from now until retirement?
7. Which rate of return is closest to what you will strive to earn on this money during retirement?