Set a goal2 of 8Determine how much retirement income you need, taking into account your living expenses, tax situation and estate plans. Then figure out how much income can be generated by Social Security or pensions. The difference has to come from your retirement savings."Put a goal out there and have a number that you want to hit," says Ernesto Sampson, a Certified Financial Planner with Ameriprise Financial Services in Glen Allen, Va., who advocates targeting a dollar amount that is large but "not too outrageous."Adds Cramer: "People who are just socking money away in hopes that they will be able to accumulate enough money may not be planning as well as the people who know what they need to do."More On Savings:Savings goal calculatorCreate a news alert for "retirement" Related Articles:Cash out, roll over or leave 401(k) behindDifference between Roth 401(k), IRAPitfalls of automated retirement plansRelated Links:5 tips for 401(k) investingRebalance your portfolioFund your 401(k) or IRA first? advertisement
Determine how much retirement income you need, taking into account your living expenses, tax situation and estate plans. Then figure out how much income can be generated by Social Security or pensions. The difference has to come from your retirement savings.
"Put a goal out there and have a number that you want to hit," says Ernesto Sampson, a Certified Financial Planner with Ameriprise Financial Services in Glen Allen, Va., who advocates targeting a dollar amount that is large but "not too outrageous."
Adds Cramer: "People who are just socking money away in hopes that they will be able to accumulate enough money may not be planning as well as the people who know what they need to do."
More On Savings:
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