Retirement can account for one-third or more of your clients' adult lives, and those years are not cheap. Property taxes rise in tandem with increasing property values. Then there are health care and increasing prescription drug expenditures on top of long-term care expenses.
It's no surprise that most Americans do not have enough money saved for retirement. According to the National Institute on Retirement Security, more than 75% of Americans don't save enough for retirement, and 21% don't save at all.
But how can we determine how much a client needs to save for retirement?
Let's take a deeper look at the most important retirement savings standards to help figure out how much one should have set aside for retirement at various phases of life.
Walking your client through these four steps can help them figure out how much to save (and, eventually, how much to withdraw):
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