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How Much in Savings Do You Need to Retire? - Motley Fool
Developing a retirement plan can seem like a daunting task, especially for those who are still far way from their golden years. Nevertheless, it’s important to start thinking about retirement even as you pursue your early career, because your nest egg will likely be an important part of your income when you retire. Social Security will also play an important role, but it won’t fulfill all your income needs. Fact is, Social Security was intentionally designed to replace only about 40% of your preretirement income. If you go by the common idea that you’ll need 80% of your preretirement income in retirement, that leaves another 40% to be acquired through other sources. This Motley Fool article by Maurie Backman offers some tips on how to figure out your goal for retirement savings – a key part of your retirement planning.