How Much Do You Need to Save? A common guideline is that you may need to replace 70% to 80% of your pre-retirement income. This typically assumes that you will have paid off your mortgage, will be in a lower tax bracket, will no longer be saving a percentage of your income for retirement, and will not have work-related expenses such as commuting and business clothing. Of course, the amount you need to save will depend on many other factors, such as: • Years in retirement • Income sources • Lifestyle desired • Medical expenses
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