Monday, February 20, 2017 / by Gary Meek
If you could nail the answer exactly, your retirement worries would probably disappear: The ability to tell the future is bound to bring on enough wealth to fund those later years. Planning for retirement is so difficult precisely because you can’t predict the unknowns, like how long you’re going to live or what sort of medical expenses might come your way. But you can get very close to a retirement savings goal with some useful tools and a little educated forecasting.
Here are five steps toward figuring out how much to save for retirement.
1. Estimate future spending
Fair warning: This is the step that involves the most work — but power through, because the others are a breeze. And if you keep even a loose budget, you already have a leg up. Projectingfuture expenses begins by taking a look at current spending.
To do that, enter&nb ...