Patton Financial Advising: Setting a Retirement Savings Goal

EYT Media


Published February 2, 2024 5:28 am
Patton Financial Advising: Setting a Retirement Savings Goal

Michael Patton - NEWCLARION, Pa. (EYT) – Patton Financial Advising submitted the following article: Setting a Retirement Savings Goal.

It’s difficult to reach a destination unless you know where you’re heading. Yet only 51% of workers or their spouses have tried to estimate the savings they would need to live comfortably in retirement.

To get a start on establishing a retirement savings goal, use the simple worksheet on this page to compare the income you think you will need (or want) with the sources of income you expect.

How much income will you need?

Everyone’s situation is different, but one common guideline is that you will need at least 70% to 80% of your pre-retirement income to meet your retirement expenses. This assumes that you will have paid off your mortgage, will have lower transportation and clothing expenses when you stop working, and will no longer be contributing to a retirement savings plan.

Although some expenses may be lower, others might increase, depending on your retirement lifestyle. Perhaps you want to travel more or engage in new activities.

Don’t forget to budget for medical expenses. A recent study suggests that a couple who retired in 2022 at age 65 — with median prescription drug expenses and average Medigap premiums — might need $318,000 in savings to cover retirement healthcare expenses (not including dental, vision, or long-term care). This equates to about $12,720 annually over a 25-year retirement. Future retirees may face even higher costs.

Read The Full Article Here: Setting a Retirement Savings Goal

Patton Financial Advising
51 N. 4th Avenue
Clarion, PA 16214
Toll-free 1-877-547-2751


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(Photos by Dave Cyphert of ProPoint Media Photography)

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