How Much to Save Each Week for Retirement?

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To determine how much to save each week for retirement, figure out how much money is required for retirement, project the year at which you will retire, and work backwards. Allow for inflation rates when determining what to save for retirement with advice from a registered financial consultant in this free video on personal finance and retirement.

Part of the Video Series: Personal Finance Tips
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Video Transcript

This is financial advisor, Patrick Munro, talking about how much to save each week for retirement. Basically, knowing a figure that you want to retire on is important at the time that you want to retire. If you take your current age and project out at what year you want to retire, and age, then you would factor in how much of a monthly income you would need at that time. You can work everything back backwards up to the current point in time and then divide that in a weekly basis, and that's how much you would need to save on a weekly basis for retirement. What you must do though is allow for inflation, because if you're thirty years old and you want to retire at sixty five that's thirty five years down the track. There is a good possibility that the inflation factor will be there, so you must factor in the current CPI, meaning the cost per living index, into the dollars that are there. There are financial calculators that will help you do that. They will help you, show you how much you need to save on a weekly basis for retirement. This is financial advisor, Patrick Munro.

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