How much should I save for retirement

[Carpon]

Retirement planning comes with a lot of questions and one of such questions is that of do I need to save and also how much do I really need to save in order to be safe financially after my retirement.

In this thread I will be sharing my view on that and I hope to hear your own take on this subject matter in the comments section.

When determining what amount you need to save to be safe, you cannot precisely say what you may need without taking some factors into consideration because what Mr A will need to be safe may be different from what Mr B may need inorder to be safe.

- Your needs and wants. You mudt first see what your needs and wants will be after retirement and what amount is able to take care of them all.

- The loads on you. Some people take care of not just themselves. Others have those who take care of some of their needs. All these will have a part to play in this decision making.

- Next is your pension rates. Pension covers a lot of expenses and if your job is pensionable, what you need to save may he less than that which someone with a non pensionable job may need to save.

 

[Yusra3]

If you're planning to retire, it's important to have a plan for how much you'll need to save.

A good rule of thumb is to aim for about 50% of your annual income for retirement, so that you'll be able to enjoy life without having to worry about money. That doesn't mean you shouldn't take into account other factors, like access to benefits or whether you have any debts. You might also want to make sure that your savings will last as long as possible and some experts say that saving more can help you do this.