Your target savings amount comes down to a number of factors unique to your situation. They include your retirement age, health, lifestyle and outside income sources.
Our Retirement Savings Calculator
can give you a rough idea of whether your current savings may be adequate based on your retirement goals and the amount of pre-retirement income you may need to replace. To determine that percentage, however, you may want to add up your projected expenses after leaving the workforce — from food and utilities to club memberships and health care.
For a more detailed assessment of how much you may need, consider reaching out to a financial professional. Based on your plans for retirement and income strategy, they can better identify the amount you may need in your savings and investment accounts to thrive in your later years.