I am in my 40s and want to retire in 20 years how much money should I save up?

Question

I am in my 40s and want to retire in 20 years how much money should I save up?

Answer 1

It all depends on how much you think you'll need to live on once you retire.  We don't know how much that is -- do you want to live a life of luxury on a private Greek island with a yacht, or do you want to just barely subsist?  (Most of us aim somewhere-or-other in between.)

There are a lot of really good retirement calculators on the web now, though.  I like the one at Fidelity:

http://personal.fidelity.com/planning/re...

Or the one at CNN/Money:

http://cgi.money.cnn.com/tools/retiremen...

Answer 2

I'm currently working on a template that will try to answer this question, but for now you should see a fee only financial planner.

The planner will discuss things with you that will help determine how much you need. They'll help you figure out how much you have now, what types of investments are right for your goals, how much income you'll want/have in retirement, etc.

Definately time to consult an expert, you still have plenty of time to come up with enough to retire comfortably.

Good luck!

Answer 3

as much as you can.. it all depends on how much you already have saved up... you should be saving at least 15 percent into retirement.. it all depends on how much you already have saved up and it also depends on how much debt you have... try to get out of debt first then hit the retirment hard... maybe more than 15 percent if you have not started yet.