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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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“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

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

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

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