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How Much Money Should You Save for Retirement?

How Much Money Should You Save for Retirement?

By Sarah Butrymowicz, USA TODAY

Money doesn’t go as far as you might like

Diane Dinkins
Greensboro, N.C.
Family: Divorced, one child
Age: 58
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.