How much is enough to save for Retirement?

[Adriana Jaycie]

How much are you saving for your retirement? and how much is good enough to be saved. For now am saving about $30 monthly for retirement. Do you think its a reasonable amount to save?

 

[Mika]

How much you need for retirement depends on the kind of lifestyle you will be choosing after retirement and your health conditions. If you have poor health, you need a lot of money to pay medical bills. If you do not have health insurance, paying medical bills will be financially impossible if you have small retirement funds. If you want to live very comfortably, you might also need a lot of money to maintain your life. However, if you are in good health with no big health issues, and if you are living frugally, you can live with small retirement funds.

 

[Kendy]

It is not quite easy to know the budget or funds which would be enough for your retirement days, this is because if the money gets exhausted, will you end your lifespan? I guess, certainly no! This is the more reason you first need to have a plan or envision the type of lifestyle you want to have after your retirement period. Saving money might never be enough to cover up for the expenses. It is somewhat unwise to rely only on savings especially if you cannot foretell what problems the future could hold. Saving towards retirement is a basic way of planning but in turn, this money should be used to invest wisely so it could be productive. I do not really come across any retiree who does not have a source of income after retirement. Money will always be spend so easily without realizing and then you will run out of funds and this will bring lots of thoughts which could make you fall into depression and could shorten your life span.
For me, before my retirement days, I will make sure I have a property to my name, either a supermarket, a real estate property, or a reputable citadel of learning, which by this, I mean a School.

 

[Alexandoy]

When I was nearing retirement my computation was based on the standard of living during that time. With the prediction that I would live for 20 more years at least after retirement then I need to save the amount equivalent to 240 months of my personal expenses. I did not include the rental because we already have our own home although I had to add the miscellaneous like the car expenses and the purchase of new appliances. That is our appliances today will not last for 10 years or so. Anyway, I was only able to save an amount for about 8 years after my retirement. That is just fine because I was eligible for a pension which I am getting now at $100 per month. That is pretty good for small expenses so my savings have some spare change after the monthly overhead.

You also have to take note of your assets like if you have stocks that can earn or maybe crypto although I am not keen on crypto. When you have money in the bank the best benefit is the peace of mind that I will not get hungry in the years to come.

 

[Sotherefore]

If you are saving about $30 on monthly basis planning for your retirement, if you are saving it for 30 years that will really give you 55,000 dollars. The point is that after you are retired, you might likely want to buy a house in the countryside or maybe to buy it in the town depending on your choice preferences.

Buying this house at this period of time just to spend your retirement years might even take up to this 55000 dollars you have saved for the past 20 years .

If there's a way you can be able to save even up to $60 or even $100 on monthly basis , I think that will really help you go a very long way.


Saving of $100 on monthly basis will give you about 200, 000 dollars in 20 years. With that amount it is quite possible for you to buy a house when you are retired to spend the rest of your life in . After you're done with that you can also have some money left for you to start up any business of your choice or any other investment you can ever think of. That's better to me, I don't know of you

 

[Ithedicious]

Most of the time , it depends on the country that you are. if you can be able to save up to $30 on a monthly basis for the rest of your life for your retirement purposes , I believe at the end of your retirement You could get up to 50 thousand dollars or even more, that will really help you in so many things probably to start up a business or maybe to buy a house .

It will really depend on two things .

1) I believe it will be much more easier and quite better if you are working for the government because if you are working for the government , you will have the chance to receive pension after retirement and it will be much more better because the pension you will be getting will also help you in your feeding and so on.

2) But if government pension after retirement is not involved or probably in you are operating a private business without paying of tax to enable pension after retirement , I don't really think this will really sustain you during that time.

In that case you should consider saving over $200 and above each month .