How Much Should You Save For Retirement?

It’s never too early to save for retirement! While it may sound a bit cliche, it’s true! No matter how long you’ve been in the workforce, determining a retirement plan and regularly reviewing your strategies is of vital importance.

Deciding how much you should be saving for retirement each month can be confusing. Check out the savings plan below for a helpful guide on how much to set aside for retirement. Keep in mind that your plan should offer immediate tax benefits as well.

How Much Should You Save?

Number Of Years Until RetirementEstimated Monthly Savings Needed Per $1,000 Desired (assumes 10% return)
15$ 239.23
16$ 210.97
17$ 186.22
18$ 165.02
19$ 146.63
20$ 130.55
21$ 116.41
22$ 104.06
23$   98.11
24$   83.33
25$   74.74
26$   67.07
27$   60.28
28$   54.17
29$   48.73
30$   43.88
31$   39.51
32$   35.61
33$   32.10
34$   28.95
35$   26.12

The sheer number of retirement plans that are available can be overwhelming. How do you select a plan that will best provide for you at the time when you need it most? Is a combination of plans more suitable?

Are you ready to save for retirement? The partners and staff at LBA Haynes Strand are eager to help you choose the retirement plan that makes sense for you. Our team can also advise you on how changing tax laws will impact your current plans. Ready to discuss your future? Call or email us today for a FREE consultation!