Aug 22, 2018
How Much Money Should I Save for Retirement?
When it comes to saving money for retirement, the answer is simple.  You should save as much as you possibly can. People are living longer in retirement than ever before, and you will need to build a fund that you can rely on in later years.

Start Retirement Savings Early
The biggest secret of a successful retirement is getting an early start saving money. Believe it or not, it is possible to make smart choices early in life that may help bring rich rewards in later years.  
  • Consider contributing as much as you can to tax-advantaged savings vehicles (e.g., 401(k)s, IRAs, and annuities).
  • Look at rounding out your retirement portfolio with other investments (e.g., mutual funds, stocks, and bonds).
Consider that your years in retirement may be longer than any previous generation. You may have 30 or more years of retirement to fund, meaning you may need a bigger nest egg than you think.

Retirement Planning and Goals
Before considering a mutual fund as a retirement investment, take a close look at the fund’s investment objectives, risks, fees, and expenses.  These will be outlined in the prospectus available from the fund. Review the prospectus carefully, including the discussion of fund classes and fees, as well as how they apply to you.
Your personal situation and circumstances will determine how much savings you will need upon entering retirement. Everyone has different circumstances.  You may have a pension plan, or your Social Security benefits may be sufficient to tide you over.  Perhaps your pension and Social Security together offer you a financially secure retirement. Or, you may have aggressive retirement plans that will have you beginning your retirement at age 50 or 55.
  • If you plan to retire early, you will need to fund more years in retirement.
  • If you plan to work until age 65 or 70, fewer retirement assets are needed.
  • And for those who will work part-time in retirement, it’s important to know how your supplemental income can affect Social Security.
Sitting down to work out your expenses after retirement will help you determine how much money you'll need and how much you need to save to get there.

Certain costs, including food, utilities, and insurance are shared by most retirees. Some, however, may be saddled with expenses in retirement that many others no longer have, including mortgage payments or even a child’s tuition.

Retirement Lifestyle
When planning for retirement expenses, consider the lifestyle you wish to maintain during your retirement years.
  • How often will you dine out?
  • How much traveling will you do?
  • What hobbies and activities will you want to engage in?
Taking the time to answer these questions will give you a better foundation for considering your retirement finances. In general, the higher you expect your expenses to be in retirement, the more you need to put into savings each year to meet those expenses. The good news is that it can be done, and the sooner you get started, the easier it will be.

The retirement professionals at the MHV Investment & Retirement Center are here to help.  Give us a call at 845.336.4444, ext 3166 or 3126, or email us at

Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Mid-Hudson Valley Federal Credit Union (MHV) and Mid-Hudson Valley Investment & Retirement Center are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mid-Hudson Valley Investment & Retirement Center, and may also be employees of MHV. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, MHV or Mid-Hudson Valley Investment and Retirement Center. Securities and insurance offered through LPL or its affiliates are:
Not Insured by NCUA or Any Other Government Agency Not Credit Union Guaranteed Not Credit Union Deposits or Obligations May Lose Value


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