Retirement is not as easy as sitting by the pool or taking a stroll along the beach.
It can take years of preparation and saving to make sure you can have a comfortable and secure post-retirement lifestyle.
How much money do you need to retire?
There is no exact, set-in-stone number anyone should have to retire; it all depends on the individual.
For anyone who's contemplating (how much you need to retire), especially the ones who are nearing that retirement age, I cannot recommend enough working with a financial adviser to create a custom plan for saving and spending in retirement.
— Shweta Lawande, lead adviser at Francis Financial
There are a few good estimates of how much you may need, such as assuming you'll need about 80% of your pre-retirement income in retirement, Lawande said.
Pre-retirement is considered the period when you decide you want to retire and pick your retirement date.
Determining how much you'll need to retire
You need to consider finances you'll need to support loved ones and family, as well as for medical expenses.
If you plan to travel, entertain or pursue an expensive hobby, you may want to add extra savings for "more flexible, discretionary expenses," according to Merrill.
One guideline to keep in mind is the 4% rule, which allows a retiree to have a withdrawal rate of 4% from their financial portfolio each year for 30 years, adjusting for inflation over time.
When should I start to save for retirement?
To best save for retirement, you should start as soon as possible. If you have a full-time job, start thinking about savings.
On average, Fidelity estimates you should aim to save about 15% of your pre-tax income each year, which includes any employer match and assumes you're saving while you're between 25 and 67 years old.
"It's hard because retirement feels so far away to people who are that young," said Lawande. "When you have those number of years on your side for your money to grow in that way, it's just completely invaluable."
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