How Much Money Do You Need to Save for Retirement?

Experts say you don't need $1 million to retire comfortably.

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Instead, you should aim to save 75% to 85% of your pre-retirement income in retirement.

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This is because you're likely to live longer than the average life expectancy, and your expenses may increase in retirement.

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You should also factor in potential sources of income in retirement, such as Social Security, pensions, and rental income.

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It's important to develop a retirement plan early so you can save enough money.

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Consider contributing to a 401(k) or IRA, which offer tax advantages.

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If you have an employer-sponsored 401(k) plan, see if your employer offers a matching contribution.

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Invest your retirement savings wisely so that your money can grow over time.

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