ASK THE EXPERTS
Peter C. L. Timmons
President of T/R Financial Management Group in the District
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How do I know if I am saving enough for retirement?
There is no magic formula, just tools to help determine whether you will run out of money.
Faced with the task of sorting through a slew of variables, many people will just give up. That is not a good idea, as small changes now can have a great effect later on.
Most people assume they will need less money at retirement. Unless you want a sedentary retirement, you will need to have sufficient funds to enjoy life and have the freedom to do what you want. That is quality of life.
There are many Web sites with calculators that can help. The calculator you use needs to show the probability of success, use different inflation rates (health care and education rise faster than inflation) and have up-to-date tables for such things as Social Security and taxes.
You also need the ability to change variables to see their effect as well as monitor your progress annually.
