Preparing For Retirement: How Much To Save Monthly

July 20, 2021 | Emma Frost

how much to save monthly for retirement

How much to save monthly for retirement is one of the most important decisions you’ll make during your life. Your unique plan depends mostly on your pre-retirement income, but generally, financial experts suggest that you should strive to replace about 70% of your income before you retire.

Here we’ll review the steps you should take when planning to save for retirement and how to avoid taking out of your retirement fund by using payday loans.

How Much To Save Monthly For Retirement

Think About Your Expenses

Some of your current expenses will continue into retirement, others will change. Before figuring out exactly how much to save monthly for retirement, write all of these expenses down to the best of your ability.

For example, you’ll still have food expenses but may need to budget more for leisure and travel.

You may or may not be still paying off a mortgage and, depending on your employment benefits, you may or may not still be paying for health insurance.

You’ll likely have lower taxes since you’ll no longer be on the hook for payroll taxes.

Think About Your Specific Retirement Plans

This is tied in with expenses. If you plan to spend your retirement traveling, you may want to replace a bit more of your current income to provide a substantial nest egg — maybe 90% or even 100%.

If you plan to travel a bit, but still keep a part-time job, you may keep your replacement at 70%.

If you know you won’t have a mortgage to pay, you may think about replacing less of your income in retirement, perhaps 60% or so.

Think About The Age At Which You Want to Retire

In the past, most people retired by a set age, usually around 65. That’s still a common age to retirement, but many continue to work beyond that age — whether by choice or necessity.

When figuring out how much to save monthly for retirement it’s necessary to estimate the age you’d like to be retired by.

That will give you a good idea of how much you should be saving now and how much of your income you’ll need to replace determined by an estimate of years you’ll actually be in retirement.

Consider Your Savings

A big factor in determining how much to save monthly for retirement is your overall savings, expected social security help, and your investments. All of these numbers will strongly influence how much you'll need to save. 

You should think about other income sources as well, including whether you’ll receive a pension or if you plan to move into part-time employment.

Do you currently have rental income or plan to keep or increase your rental income in retirement? That’s a major factor as well in determining how much to save monthly for retirement. 

how much to save monthly for retirement using a retirement calculator

Use a Retirement Calculator

You’re working with a lot of numbers when figuring out how much to save monthly for retirement.

One of many retirement calculators online, such as the one provided by Nerd Wallet, can help. It will factor in your age, your total current savings and how much you save each month right now.

A calculator will give you a snapshot estimate of how you’re doing right now and how much you may need to save to create a sufficient retirement nest egg for yourself. 

Expect the Unexpected

Emergencies happen — in and out of retirement.

One option to consider when an emergency strikes other than reaching into your retirement fund is getting some help through online payday loans SC offers, which can be acquired through Carolina Payday Loans, Inc.

Online payday loans SC offers are a quick way to receive cash for unexpected expenses, including emergency hospital care and travel or vital home and car repairs.

Online payday loans SC are designed as short-term loans to help get you through a range of financial struggles.

What Do I Need For Online Payday Loans SC?

All that’s required to qualify for online payday loans SC offers through Carolina Payday Loans, Inc. is:

  • Your most recent pay stub.
  • A blank check from a bank account in your name that’s active.
  • A driver’s license or a form of identification issued by the government.

online payday loans sc

The Online Payday Loans SC Process

At Carolina Payday Loans, Inc. we make it easy and fast to obtain cash through online payday loans SC. Simply fill out a quick form on Carolina Payday Loans, Inc. and a representative will call you to explain the process, give you further instructions, and schedule an appointment with you.

Once you arrive at a Carolina Payday Loans, Inc. location, the rest of the process should take as little as 30 minutes. Make sure to have your documents with you.

An evaluation will be made to determine the amount of money you qualify for. One of our representatives will answer any questions you have and will communicate the loan terms.

In as little as 30 minutes, you could qualify for an online payday loans SC amounting up to $550. 

Looking Out For Your Future

When you’re preparing for retirement, it’s important to stay on track. However, emergencies can happen and may feel push you off track. One option that is always available and can help you avoid reaching into your retirement funds is online payday loans SC offers through Carolina Payday Loans, Inc.

When you need a little help to get by, we’re here for you every step of the way. Submit your online form or give us a call today.