How Much Money to Save for Retirement

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The easy answer for how much a person should save for retirement is that they should save as much as they can. Save at least 10 percent of an annual income when planning for retirement with help from a licensed insurance agent in this free video on retirement planning and personal finance.

Part of the Video Series: Retirement Planning
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Video Transcript

Hi, my name is Bill Rae. I'm a licensed agent and I've been in the financial field for well over two decades. The question is, 'How Much Do I Need For Retirement?' Excellent question. The answer for saving for retirement is, as much as you can. Unfortunately today, most of us don't plan very well for retirement, and underestimate the true cost of retirement. If one were to retire for today, lifestyle expectancy could be as high as twenty-two years. The cost of retirement could well exceed several million dollars. Hum, interesting to contemplate. So we need to go back at the beginning. If you are fresh and coming out of college, starting your first job, do take this seriously. Plan well your retirement. Generally, we would recommend to you that you should be saving at least ten percent of your annual income for that day you'll look forward to no longer having to work eight to five. The longer down the path you've gone without doing this, the more you're going to need to catch up. Again, this is a serious issue. Our life expectancy is long and getting longer. And money, if you want to live the lifestyle you're living today, is hard to come by. Plan well. My name is Bill Rae, and I'm helping you build wealth.

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