{"id":14487,"date":"2023-02-28T14:48:44","date_gmt":"2023-02-28T20:48:44","guid":{"rendered":"https:\/\/johnsonwim.com\/?p=14487"},"modified":"2024-01-29T11:14:53","modified_gmt":"2024-01-29T17:14:53","slug":"how-much-do-i-need-to-retire","status":"publish","type":"post","link":"https:\/\/johnsonwim.com\/how-much-do-i-need-to-retire","title":{"rendered":"How Much Do I Need to Retire"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"14487\" class=\"elementor elementor-14487\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-40a35f36 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"40a35f36\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5815c50b\" data-id=\"5815c50b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-12e53644 elementor-widget elementor-widget-text-editor\" data-id=\"12e53644\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>One of the first things people do once they get serious about planning and saving for retirement is to look at a retirement calculator to find out how much they need to save. There\u2019s nothing wrong with that. However, every person\u2019s situation is completely different. What might be the right amount for one person will not be right for everyone. For example, someone who is happy staying home and fishing at their local lake during retirement will need less than someone who plans to travel frequently and fish in the Florida Keys. These are the types of things a retirement calculator might not take into consideration before giving you the lump sum amount you\u2019ll need for retirement.<br \/><input name=\"gform_field_values\" type=\"hidden\" value=\"\" \/><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9957e33 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9957e33\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-01b2c3e\" data-id=\"01b2c3e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4de0760 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at a retirement calculator to find out how much they need to save. There\u2019s nothing wrong with that. However, every person\u2019s situation is completely different. What might be the right amount for one person will not be right for everyone. For example, someone who is happy staying home and fishing at their local lake during retirement will need less than someone who plans to travel frequently and fish in the Florida Keys. These are the types of things a retirement calculator might not take into consideration before giving you the lump sum amount you\u2019ll need for retirement.<\/p>\n<p>You may have heard some financial advisors try to answer this question very broadly. For instance, one popular notion is that you\u2019ll need one million dollars in savings to retire more comfortably. Another is that you\u2019ll need to be able to generate 80% of your current income after you retire. So, if you brought home $100,000 per year during your working years, you would need to get $80,000 per year from your investments during retirement. But again, taking a broad approach to this question is pointless in a way because each person\u2019s situation is different based on their retirement timeline, goals, health, and a variety of other issues, such as: Are you debt-free? Do you have a history of longevity in your family? Do you have other sources of income like a pension that can help to supplement your savings?<\/p>\n<p>Where to Begin<br \/>\nOne good way to begin calculating the answer for yourself is to perform a budget analysis. This involves identifying all the expenses you will have once you retire, as well as those you expect to go away, such as your FICA tax, commuting costs, and perhaps your mortgage payments. Next, you\u2019ll need to determine how much income you will have coming in the door once you stop working. For example, an important source of retirement income will be your Social Security benefits. You can use the benefits calculator on SSA.gov to estimate how much your benefits will be based on claiming them at the optimal time. The right age will vary from person to person, and it will, again, be determined by considering many factors such as your age, earnings, and retirement goals.<\/p>\n","protected":false},"author":1,"featured_media":16475,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"elementor_theme","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[4,5],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Much Do I Need to Retire - Johnson Wealth and Income Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/johnsonwim.com\/how-much-do-i-need-to-retire\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Much Do I Need to Retire - Johnson Wealth and Income Management\" \/>\n<meta property=\"og:description\" content=\"One of the first things people do once they get serious about planning and saving for retirement is to look at a retirement calculator to find out how much they need to save. There\u2019s nothing wrong with that. However, every person\u2019s situation is completely different. What might be the right amount for one person will not be right for everyone. For example, someone who is happy staying home and fishing at their local lake during retirement will need less than someone who plans to travel frequently and fish in the Florida Keys. These are the types of things a retirement calculator might not take into consideration before giving you the lump sum amount you\u2019ll need for retirement.  You may have heard some financial advisors try to answer this question very broadly. For instance, one popular notion is that you\u2019ll need one million dollars in savings to retire more comfortably. Another is that you\u2019ll need to be able to generate 80% of your current income after you retire. So, if you brought home $100,000 per year during your working years, you would need to get $80,000 per year from your investments during retirement. But again, taking a broad approach to this question is pointless in a way because each person\u2019s situation is different based on their retirement timeline, goals, health, and a variety of other issues, such as: Are you debt-free? Do you have a history of longevity in your family? Do you have other sources of income like a pension that can help to supplement your savings?  Where to Begin One good way to begin calculating the answer for yourself is to perform a budget analysis. This involves identifying all the expenses you will have once you retire, as well as those you expect to go away, such as your FICA tax, commuting costs, and perhaps your mortgage payments. Next, you\u2019ll need to determine how much income you will have coming in the door once you stop working. For example, an important source of retirement income will be your Social Security benefits. You can use the benefits calculator on SSA.gov to estimate how much your benefits will be based on claiming them at the optimal time. The right age will vary from person to person, and it will, again, be determined by considering many factors such as your age, earnings, and retirement goals.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/johnsonwim.com\/how-much-do-i-need-to-retire\" \/>\n<meta property=\"og:site_name\" content=\"Johnson Wealth and Income Management\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-28T20:48:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-29T17:14:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/johnsonwim.com\/wp-content\/uploads\/2023\/02\/Johnson-Wealth-and-Income-Management-How-Much-Do-I-Need-to-Retire-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"1295\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Johnson Wealth &amp; Income Management\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Johnson Wealth &amp; 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There\u2019s nothing wrong with that. However, every person\u2019s situation is completely different. What might be the right amount for one person will not be right for everyone. For example, someone who is happy staying home and fishing at their local lake during retirement will need less than someone who plans to travel frequently and fish in the Florida Keys. These are the types of things a retirement calculator might not take into consideration before giving you the lump sum amount you\u2019ll need for retirement.  You may have heard some financial advisors try to answer this question very broadly. For instance, one popular notion is that you\u2019ll need one million dollars in savings to retire more comfortably. Another is that you\u2019ll need to be able to generate 80% of your current income after you retire. So, if you brought home $100,000 per year during your working years, you would need to get $80,000 per year from your investments during retirement. But again, taking a broad approach to this question is pointless in a way because each person\u2019s situation is different based on their retirement timeline, goals, health, and a variety of other issues, such as: Are you debt-free? Do you have a history of longevity in your family? Do you have other sources of income like a pension that can help to supplement your savings?  Where to Begin One good way to begin calculating the answer for yourself is to perform a budget analysis. This involves identifying all the expenses you will have once you retire, as well as those you expect to go away, such as your FICA tax, commuting costs, and perhaps your mortgage payments. Next, you\u2019ll need to determine how much income you will have coming in the door once you stop working. For example, an important source of retirement income will be your Social Security benefits. You can use the benefits calculator on SSA.gov to estimate how much your benefits will be based on claiming them at the optimal time. 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