Well, you could be asking yourself the wrong question.
This is the equivalent of asking “I want to buy a new car. How much will it cost?” If you’re looking for a basic, small 2 door car it will cost a different amount to a top of the range, all singing, all dancing model. Someone may want the basic model and be extremely happy with that. Whereas the next person may insist that only the top of the range will do. Dependent on where you are on this scale will determine the cost of the new car.
In the same way the amount you need to save for later years depends on the lifestyle you want in those years.
The more extravagant a lifestyle you wish to enjoy, the larger the amount you need to save now. Similarly, the more modest your lifestyle, the smaller the savings required. There is no one size fits all.
So instead of asking “How much do I need?” the question you want to ask yourself is “What lifestyle do I want to enjoy and how much will that cost each year?” This is how coaching and financial planning look together.
Working together we can determine the size of savings you need to support that lifestyle. Feel free to contact me to talk about how much you do need, contact me on [email protected].