{"id":38332,"date":"2023-02-13T10:15:50","date_gmt":"2023-02-13T15:15:50","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=38332"},"modified":"2023-02-13T10:33:12","modified_gmt":"2023-02-13T15:33:12","slug":"am-i-saving-enough-for-the-retirement-i-want","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/","title":{"rendered":"Business Report: Am I Saving Enough For The Retirement I Want?"},"content":{"rendered":"
\"\"
Joseph Vidarte, CRPC, financial advisor, Merrill Lynch Wealth Management.
Courtesy Merrill Lynch Wealth Management<\/figcaption><\/figure>\n

By Joseph Vedarte, CRPC<\/p>\n

There\u2019s no one-size-fits-all answer. These four steps can help you figure out the amount that\u2019s right for you.\u00a0<\/span><\/p>\n

Ask three retirement experts how much you need to save for retirement, and you\u2019ll likely get three different answers.\u00a0<\/span><\/p>\n

One might respond with a specific number, say $3 million; another might suggest you save enough to let you draw down 80 percent to 90 percent of your annual pre-retirement income every year; and a third may say you should strive for 12 times your pre-retirement salary. So what\u2019s right for\u00a0you? And how do you know if you\u2019re on track?<\/p>\n

As you seek answers to those questions, the following steps can help you identify a sustainable savings target, one designed to support your desired lifestyle over a retirement that could last 30 years or more. Knowing that can be useful in figuring out whether you need to adjust your current savings and investment plan. \u00a0<\/span><\/p>\n

Ask yourself: How long could my retirement last?<\/p>\n

\u201cThere are multiple personal variables to weigh when starting to think about how much you\u2019ll need to save for retirement,\u201d says David H. Koh, managing director and senior investment strategist, chief investment office, Merrill and Bank of America Private Bank.\u00a0<\/span><\/p>\n

<\/span><\/span><\/b><\/span>Your current age may be among the most important. Especially if you\u2019re young and in good health, your retirement may last several decades, he notes. No matter what your current age is, however, you may find that you end up retiring earlier (or later) than expected based on unforeseen circumstances. Either situation could affect the number of years you will need to rely on your assets for income, and it\u2019s important to plan for those possibilities. \u00a0<\/span><\/p>\n

Picture your perfect retirement.<\/p>\n

Having a clear idea of the sort of lifestyle you want in retirement will help you estimate how much it could cost annually. Start by thinking about your essential or non-negotiable regular expenses, such as a roof over your head, food on the table and out-of-pocket healthcare expenses. Then consider expenses that are important to your lifestyle, which might be anything from dining out and regular travel to offering financial support to aging parents or helping adult children or grandchildren with education.\u00a0<\/span><\/p>\n

Keep in mind, too, that some essential expenses\u2014such as\u00a0your own healthcare spending\u2014may increase in retirement, while your retirement lifestyle may shift as you age.\u00a0<\/span><\/p>\n

Finally, consider any aspirational or discretionary goals you may have like purchasing a second home or pursuing certain philanthropic activities during retirement. Just as you juggle and prioritize competing goals when you\u2019re younger, you\u2019ll need to do the same in retirement. \u00a0<\/span><\/p>\n

Review how much you already have saved.\u00a0<\/span><\/p>\n

Once you have a target annual income figure in mind, take an audit of all of your anticipated sources of retirement income (retirement accounts, Social Security, possibly a pension, annuities, rental income and an inheritance or sale of a business) and calculate how much you could potentially draw from them once you retire. Your personal retirement accounts may be one of your biggest sources of income, and you could be surprised by how much\u2014or how little\u2014even a seemingly large retirement account could provide over the course of a long retirement.\u00a0<\/span><\/p>\n

Close the gap: Adjust your strategies to pursue the income you\u2019ll need\/<\/p>\n

You will then be ready to consider any adjustments you might need to make to pursue your retirement goal. If you\u2019re now in your mid-30s, you may have 30 years to build assets, but if you\u2019re relatively close to retirement, a first step may be figuring out what you\u2019re spending today and calculate whether you\u2019re currently on track to support that in retirement.<\/p>\n

\u201cEven if you find that you\u2019re behind where you want to be, don\u2019t get discouraged,\u201d advises Jeremy Kaneer, director, Retirement & personal wealth solutions for Bank of America. \u201cThere are a number of ways that you can catch up.\u201d First, be sure you\u2019ve maxed out tax-advantaged retirement plans, such as a 401(k) or IRA, and taken advantage of any employer match. And don\u2019t forget that if you\u2019re over 50, you may be eligible for additional \u201ccatch-up\u201d contributions.<\/p>\n

\u201cIf that\u2019s still not enough, consider other ways to invest for your retirement goals,\u201d says Kaneer. Tax-advantaged options include certain annuities and cash-value life insurance. You might also want to consider participating in a high-deductible health insurance plan, Kaneer adds. When you do that, you\u2019re eligible to contribute pre-tax dollars to a health savings account, which can be rolled over year after year and used in retirement for more than healthcare costs.\u00a0<\/span><\/p>\n

Beyond saving, you might want to consider revisiting your investment strategy, Koh says. \u201cAsset allocation and thoughtful, goals-based portfolio management are two things that can potentially steer you to a better retirement outcome.\u201d\u00a0<\/span><\/p>\n

Remember, too, that retirement is a journey, adds Kaneer. You can always change course if you need to\u2014maybe by working a few years longer or adjusting your expenses. But by starting early and planning ahead to pursue a specific attainable goal, you\u2019ll have a far better chance of living the life you truly want in retirement.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

By Joseph Vedarte, CRPC There\u2019s no one-size-fits-all answer. These four steps can help you figure out the amount that\u2019s right for you.\u00a0 Ask three retirement experts how much you need to save for retirement, and you\u2019ll likely get three different answers.\u00a0 One might respond with a specific number, say $3 million; another might suggest you […]<\/p>\n","protected":false},"author":89,"featured_media":38333,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-38332","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-reports"],"yoast_head":"\r\nBusiness Report: Am I Saving Enough For The Retirement I Want? - Saratoga Business Journal<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Business Report: Am I Saving Enough For The Retirement I Want? - Saratoga Business Journal\" \/>\r\n<meta property=\"og:description\" content=\"By Joseph Vedarte, CRPC There\u2019s no one-size-fits-all answer. These four steps can help you figure out the amount that\u2019s right for you.\u00a0 Ask three retirement experts how much you need to save for retirement, and you\u2019ll likely get three different answers.\u00a0 One might respond with a specific number, say $3 million; another might suggest you […]\" \/>\r\n<meta property=\"og:url\" content=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/\" \/>\r\n<meta property=\"og:site_name\" content=\"Saratoga Business Journal\" \/>\r\n<meta property=\"article:published_time\" content=\"2023-02-13T15:15:50+00:00\" \/>\r\n<meta property=\"article:modified_time\" content=\"2023-02-13T15:33:12+00:00\" \/>\r\n<meta property=\"og:image\" content=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/02\/vedarte-column.jpg\" \/>\r\n\t<meta property=\"og:image:width\" content=\"480\" \/>\r\n\t<meta property=\"og:image:height\" content=\"759\" \/>\r\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\r\n<meta name=\"author\" content=\"Jake Van Ness\" \/>\r\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\r\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Van Ness\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\r\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/\",\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/\",\"name\":\"Business Report: Am I Saving Enough For The Retirement I Want? - Saratoga Business Journal\",\"isPartOf\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/02\/vedarte-column.jpg\",\"datePublished\":\"2023-02-13T15:15:50+00:00\",\"dateModified\":\"2023-02-13T15:33:12+00:00\",\"author\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/#primaryimage\",\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/02\/vedarte-column.jpg\",\"contentUrl\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/02\/vedarte-column.jpg\",\"width\":480,\"height\":759,\"caption\":\"Joseph Vidarte, CRPC, financial advisor, Merrill Lynch Wealth Management. Courtesy Merrill Lynch Wealth Management\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Business Report: Am I Saving Enough For The Retirement I Want?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#website\",\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/\",\"name\":\"Saratoga Business Journal\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86\",\"name\":\"Jake Van Ness\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g\",\"caption\":\"Jake Van Ness\"},\"url\":\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/author\/jakev\/\"}]}<\/script>\r\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Business Report: Am I Saving Enough For The Retirement I Want? - Saratoga Business Journal","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/","og_locale":"en_US","og_type":"article","og_title":"Business Report: Am I Saving Enough For The Retirement I Want? - Saratoga Business Journal","og_description":"By Joseph Vedarte, CRPC There\u2019s no one-size-fits-all answer. These four steps can help you figure out the amount that\u2019s right for you.\u00a0 Ask three retirement experts how much you need to save for retirement, and you\u2019ll likely get three different answers.\u00a0 One might respond with a specific number, say $3 million; another might suggest you […]","og_url":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/","og_site_name":"Saratoga Business Journal","article_published_time":"2023-02-13T15:15:50+00:00","article_modified_time":"2023-02-13T15:33:12+00:00","og_image":[{"width":480,"height":759,"url":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/02\/vedarte-column.jpg","type":"image\/jpeg"}],"author":"Jake Van Ness","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Jake Van Ness","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/","url":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/","name":"Business Report: Am I Saving Enough For The Retirement I Want? - Saratoga Business Journal","isPartOf":{"@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/#primaryimage"},"image":{"@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/#primaryimage"},"thumbnailUrl":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/02\/vedarte-column.jpg","datePublished":"2023-02-13T15:15:50+00:00","dateModified":"2023-02-13T15:33:12+00:00","author":{"@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86"},"breadcrumb":{"@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/#primaryimage","url":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/02\/vedarte-column.jpg","contentUrl":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2023\/02\/vedarte-column.jpg","width":480,"height":759,"caption":"Joseph Vidarte, CRPC, financial advisor, Merrill Lynch Wealth Management. Courtesy Merrill Lynch Wealth Management"},{"@type":"BreadcrumbList","@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2023\/02\/am-i-saving-enough-for-the-retirement-i-want\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/"},{"@type":"ListItem","position":2,"name":"Business Report: Am I Saving Enough For The Retirement I Want?"}]},{"@type":"WebSite","@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#website","url":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/","name":"Saratoga Business Journal","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/a11ec438b5f0e57f1156754ba3931b86","name":"Jake Van Ness","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/8083519989e12032abdd06a668982ef4?s=96&d=mm&r=g","caption":"Jake Van Ness"},"url":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/author\/jakev\/"}]}},"_links":{"self":[{"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/posts\/38332"}],"collection":[{"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/users\/89"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/comments?post=38332"}],"version-history":[{"count":2,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/posts\/38332\/revisions"}],"predecessor-version":[{"id":38345,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/posts\/38332\/revisions\/38345"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/media\/38333"}],"wp:attachment":[{"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/media?parent=38332"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/categories?post=38332"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-json\/wp\/v2\/tags?post=38332"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}