How Much Money Do You Actually Need For Retirement?
The thought of saving for retirement is enough to send many young Americans into a spiral.
With overwhelming student loans and soaring costs of living in most cities, some millennials feel that putting anything into savings each month is too tall an order. In fact, according to LendEDU, 49% of Americans ages 22 to 37 spend more money on food than they put toward their retirement savings.
When it comes to figuring out how to cobble together hundreds of thousands of dollars (or more) by retirement age, it’s hard to know where to start. The question of how much to put away is a particularly sticky one, because there isn’t a one-size-fits-all response — it depends heavily on one’s spending habits, lifestyle, and future needs. Still, there are some general guidelines that everyone should keep in mind, no matter where they are in their retirement