{"id":1541,"date":"2022-06-03T22:23:20","date_gmt":"2022-06-03T22:23:20","guid":{"rendered":"https:\/\/blog.ark7.com\/?p=1541"},"modified":"2023-05-19T02:54:57","modified_gmt":"2023-05-19T02:54:57","slug":"how-to-win-at-retirement-savings","status":"publish","type":"post","link":"https:\/\/ark7.com\/blog\/learn\/in-depth\/401k-and-iras\/how-to-win-at-retirement-savings\/","title":{"rendered":"How to Win at Retirement Savings"},"content":{"rendered":"
\n
\n
\n
\n

\"\"<\/p>\n

The average retirement age in the United States is between 62 and 65. However, social security benefits don’t kick in until after the age of 66, so many people are putting retirement off until age 67.<\/span><\/p>\n

You’re in your prime, so you’re probably not even contemplating retirement yet. But it’s definitely something that should be front of mind. Instead, many people fill their lifetime bucket lists with trips abroad, vacation homes, and new cars. This isn’t a bad thing. What’s not so good is that amidst filling these bucket lists, some never stop to think they should also be investing in their future.<\/span><\/p>\n

In fact, retiring with enough money is the financial goal that should be at the top of your bucket list. After all, how will you get that sports car to show off on road trips if you haven’t set yourself up properly financially?<\/span><\/p>\n

Financial freedom in your later years is a must. That looks different for each of us, but you want to have enough money to live comfortably in the future without feeling the budget restrictions now.<\/span><\/p>\n

While every road to retirement looks different, they’re all headed in the same direction and paved with the same thing: savings. Wondering how much you need to retire according to your lifestyle and “win” at retirement? If that one question has you frozen in your tracks, here’s what you need to know.<\/span><\/p>\n

How much money do you need in retirement?<\/b><\/h2>\n

Living a sustainable life in retirement means having enough money for your everyday needs and incidentals. To figure out how much you need to retire in comfort, you first need to add up your typical monthly expenses and factor in such things as inflation, how old you are now, and how many years before you’ll enter retirement. Once you have a rough estimate, then you can begin working on a savings and investment strategy.<\/span><\/p>\n

It’s typically recommended that retirees have around $1-2M saved when entering retirement. Of course, this is a rather large range and it depends entirely on your personal lifestyle preferences and finances.<\/span><\/p>\n

Based on the assumptions that:<\/span><\/p>\n