There are many financial gurus out there that tell you how much to save for retirement, but how did they come up with that number? Honestly they are all just using each others guesses, but as financial advisors we need to do better.

While others guess that you should save 10, 12,15% for retirement we can actually figure out how much you should save...to the penny! The first thing we want to know is how much income are you looking for in retirement? Typically we say that you should aim to have 75% of your current income replaced for retirement. The reason is that social security and other savings may make up the difference.

Today we will calculate how much a 30 year old couple should save for retirement given that they each have income of $50,ooo per year. We will adjust this to account for inflation and make some assumptions about their retirement age and life expectancy.

After calculating this along with expected returns we can see that they need to save 11.9% of their income yearly to have 75% of their income in retirement.

We love doing this for our clients and if you are considering a place for your retirement investments then we hope you will consider jazzWealth.com

We're an investing service that also helps you keep your dough straight. We'll manage your retirement investments and, using NestEgg we can help you with every penny!

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