For many people, the question "How much should I save for retirement each month?" is a natural starting point on the path to financial independence. And while there are general benchmarks, the answer is rarely one-size-fits-all – especially for high-net-worth individuals.
What Are the General Guidelines?
Financial professionals often recommend saving 10% to 20% of your gross income each year for retirement. However, this is only a baseline.
Why Personalized Retirement Planning Matters
Rather than focusing on a fixed monthly number, we encourage individuals to think in terms of income replacement. How much income will you want or need in retirement and for how long? What does living your most meaningful life look like, and what will you need financially to fuel it? Factors like your lifestyle, healthcare costs, longevity, and inflation will all influence your monthly retirement target.
High Earners, Different Strategy
For high earners, standard retirement calculators often fall short. Your savings needs may be higher, and your tax strategy becomes more complex. You may also have access to alternative retirement vehicles, such as deferred compensation plans or profit-sharing options.
How Foster & Motley Can Help
Our team takes a comprehensive approach to wealth management, working hand-in-hand with you to determine a retirement savings strategy tailored to your income, assets, and lifestyle. We help calculate what’s needed monthly and annually to meet your long-term goals, ensuring your wealth continues to support your retirement vision.
At Foster & Motley, we don’t just calculate numbers, but help you define the life you want and make it possible through strategic wealth planning. Connect with us to explore what monthly retirement savings will empower your version of a meaningful life.
SCHEDULE A DISCOVERY CALL