How Much Do You Need Before You Retire

Saving for retirement can seem like a daunting task when you calculate just how much you need for a comfortable retirement and how long you have to accumulate it.

Add to that the factors outside your control which are liable to affect your savings plan and it is immediately apparent just how precarious saving for your retirement can be.

So how much is enough? The general consensus is that retirees will need 60-70 per cent of their annual preretirement income to maintain a comfortable standard of living. How much you will need to save depends on your personal circumstances, including how much you already have saved and how long you have until you retire.

Taking control of your finances and planning for your retirement early can give you more flexibility and choice when it comes time to retire. Talk to a financial adviser.