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How Much to Save for Retirement?

How much folks need to save for retirement depends on several different factors. One important factor is what they plan to do during retirement.

For example, people who would like to take a lot of vacations will likely need to have more money than those who are not interested in doing that.

One large retirement nest egg number that gets thrown around a lot is $1 million. It is a nice round number and it seems like a lot to most people.

However, even a number that large might not be enough, according to the Financial Advisor in “How Far Does $1 Million Go In Retirement.”

The average cost of living varies greatly between different states and often between different regions in the states themselves. In Hawaii, $1 million would last about 12 years.  However, $1 million would last nearly twice as long in Alabama.

Those figures assume that the money is sitting in a no-interest account and do not reflect any expected gains or losses on money which is still invested.

What this means for you? As you approach retirement age and begin to make decisions about when you want your retirement to start, you need to think carefully about the amount of money you have, where you want to live and how you want to live.

Make sure that you have enough before retirement. No one wants to go back to work when elderly.

Reference: Financial Advisor (Nov. 14, 2017) “How Far Does $1 Million Go In Retirement.”

Hear From Our Clients
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I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce

Josh Nelson, and his staff, have been amazingly helpful to our family. The ins and outs of nursing homes, the rules and regulations that govern Medicare and Medicaid are daunting and the folks at Nelson Elder Care Law have been informative, responsive, and above all, empathetic. I cannot emphasize enough how their service has taken a weight off of our shoulders especially during a world pandemic that has targeted nursing homes across our country. I highly recommend retaining Josh and his firm!

- Marcia

I had a simple legal question to them that I needed answered and they very helpful in giving me the information I needed. I highly recommend them and will reach out to them if I need more advice or assistance. Thank you for taking your time to just answer a couple of questions I had!

- Ben