How Much Money Should You Save for Retirement?
By Sarah Butrymowicz, USA TODAY
Money doesn’t go as far as you might like
Family: Divorced, one child
Job before retirement: Social worker in New York
How she retired early: She receives a pension from her job.
It is difficult to determine percentages in these challenging times, but I would plan for the maximum due to inflation. Personally, I saved 70%-80% of my income because I relocated to the Southeast.
I planned strategically for needs and expenses for a warm climate, such as lawn care, gardening and spending money on meeting new people and networking. North Carolina is a big state, and I do a lot of traveling between the different counties in the Triad area.
But I’ve found that money does not go as far as you would like it to. I have learned to be frugal in many areas, such as clothing and big-ticket items. I shop around for the price and quality that I am looking for. Your plans for the lifestyle you choose to live will determine your expenses. Choose to invest wisely, with a variety of options for your future plans.