Once you have estimated the amount of money you may need for retirement, a sound approach involves taking a close look at your potential retirement-income sources.
You’ve probably seen projections that estimate anywhere from 60% to 90% of your current income may be needed as your retirement income. But this approach, while simple, may give you an unrealistic idea of what you potentially might need. Instead, look at your current expenses and decide which of those are expected to remain after you retire.