When it comes to retirement, a number that’s probably of great concern to you is the size of your nest egg. Since your savings become your paycheck for the rest of your life in retirement, this number is indeed tremendously important.
However, while we all know that growing your nest egg is vital, how large should it actually be? While there’s a vast sea of information on the ideal nest egg for retirees, much of it is conflicting and incredibly varied. However, you don’t have to resort to guesswork when it comes to your retirement savings – here are some helpful pointers to consider:
The “one million” benchmark
A million dollars is an oft-thrown around and recommended figure for retirement savings. While a million dollars does sound good in theory, the reality is that the number is overreaching for some while insufficient for others. The truth is that there isn’t a one-size-fits all solution when it comes to determining ideal retirement savings numbers.
Instead, develop a financial roadmap based on your anticipated spending needs. Everyone’s nest egg should be based on all the moving pieces of their financial life (like when they want to retire) and that can’t and shouldn’t be based on a ballpark figure. Even if you can’t get your exact spending down, anticipating things like your cost of living, health care costs and other expenditures can give you a better sense of what you’ll actually need for a comfortable retirement.
Working with an advisor
Don’t discount the value that the right advisor can bring to the table when it comes to figuring out the nest egg you’ll need in your golden years. The right advisor can devise a retirement roadmap based on your unique goals and needs, and build you a portfolio to reach them.
At LexION Capital, we’re fiduciary advisors who can help you determine your ideal retirement savings, and then craft a bespoke portfolio to get you there. If you’d like to learn more about our fiduciary wealth management services, contact us today.