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Portfolios 102: Determining Retirement Needs

Introduction to Determining Retirement Needs How Much Will You Need to Retire? Retirement: What Are Your Current Needs? What Expenses Will You Have in Retirement? How Will Inflation Affect Your Retirement? What Will Social Security and Your Pension Provide? Summary of Determining Retirement Needs
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Summary of Determining Retirement Needs

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Summary of Determining Retirement Needs

Here is an example of a couple who plan to retire in 15 years. Their current estimated expenses for retirement are shown in the table below. They adjusted the expenses for inflation.

Current and Future Expenses

They estimate that they will receive about $75,000 in pensions and Social Security benefits. They estimate they will need another $42,800 to cover their expenses and taxes.

Practical Ideas You Can Start with Today

  • Model your retirement plan using the percentages of gross income in this table or the actual percentages of your expenses to your own gross income. Be sure to adjust for your intended lifestyle, too.

What you have learned

  1. How Much Will You Need to Retire?
  2. Retirement: What Are Your Current Needs?
  3. What Expenses Will You Have in Retirement?
  4. How Will Inflation Affect Your Retirement?
  5. What Will Social Security and Your Pension Provide?

Find out what you have learned

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