The short answer to your question is "it depends."
The amount of money to have saved before retirement depends on how much you think you will need, how long you expect to live, your retirement lifestyle including your health needs, and how much you can afford to save.
The Ballpark Estimate worksheet, developed by the American Savings Education Council, is a good tool to assist you in deciding how much should be saved. The Ballpark Estimate is an easy-to-use, one-page worksheet. The worksheet can be completed online or downloaded for a pencil-and-paper estimate to quickly identify approximately how much you need to save to fund a comfortable retirement.
The Ballpark Estimate incorporates your projected Social Security benefit and other income sources such as pensions, thrift savings plans (for government employees), 401(k)plans, and IRA accounts. It will provide you with an income estimate based on your current level of assets as well as identify additional savings needed to meet your retirement income goal. To calculate your Ballpark Estimate, visit www/choosetosave.org/ballpark.
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