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you should consider. By making a plan, you will be better prepared to enjoy this time of your life the way you hope to.
How Much Is Enough?
There are lots of formulas for figuring out how much you need to save to have the kind of retirement you want. Calculators are available on the Internet at sites like www.bankrate.com and www.aarp.org. There is a detailed calculator available at http://www.choosetosave.org/ball- park/ that will take you through the process of determining what you need to save.
An important part of determining what you’ll need is determining what you will be content with. Goals are not meant to be unrealistic or to be so lofty that your life is consumed with finding ways to accu- mulate all that money. Determine what’s important to you, what you really value. Decide how much is enough.
Let’s Review
To get a basic idea of what you should save for retirement, start a list of your retirement goals. Do you want to travel? What about moving to a better climate? Maybe you want to stay where you are and enjoy gardening. The following will help you get started:
Where would I like to live? ________________________________ What vehicle will I drive? __________________________________ I’ve always wanted to visit _________________________________ I’d like to help my grandchildren by __________________________ I want to donate to ______________________________________
Financial Planning for Retirement