How Much Do I Need to Save When Planning for Retirement?

Joshua Dobi |

At North Main Financial Group, one of the most common questions we encounter is, “How much do I need to save for retirement?” While there is no one-size-fits-all answer, there are some guidelines to help you plan for your retirement. Your retirement savings plan should be as unique as you are, considering various factors that influence your financial future, such as a career path, children, lifestyle, etc. Let’s delve into this topic and provide you with valuable insights to help you embark on your retirement journey.


Craft A Personalized Plan

First and foremost, remember that hope is not a strategy when it comes to retirement savings. Rather than aimlessly stashing away money, create a well-thought-out plan that aligns with your goals and aspirations for retirement. This plan should be tailored to your individual circumstances, addressing factors such as:


  • Career Path: Your current income and future earning potential play a significant role in determining how much you need to save. Consider your job stability, industry trends, and possible career advancements.
  • Current Savings and Investments: Take stock of your existing savings and investments. This includes retirement accounts like 401(k)s, IRAs, and taxable investments. Knowing where you stand financially is a crucial starting point.
  • Family and Dependents: If you have children or other dependents, you’ll need to factor in their financial needs, such as education expenses and ongoing support. 
  • Lifestyle: Your desired retirement lifestyle significantly impacts your savings target. Do you dream of a simple, frugal retirement, or are you planning to travel the world and indulge in various activities?


Look to professionals you trust, like financial planners or tax advisors, to help you craft a personalized retirement plan that takes all these variables into account. Your plan should reflect what you envision for your retirement years.


Ensure Flexibility Within Your Means.

Financial flexibility is a key principle we advocate at North Main Financial. Markets fluctuate like ocean waves, and your retirement plan must be adaptable to effectively ride the ups and downs. Consider the following:


  • Market Volatility: Investment returns can be unpredictable. Your plan should allow for adjustments during market downturns without derailing your long-term goals. 
  • Emergency Fund: Maintaining an emergency fund is crucial to handle unexpected expenses without prematurely tapping into your retirement savings.
  • Debt Management: Assess your debt situation. Paying off high-interest debts can free up more money for retirement savings.


Adapt to Life Events

Life is full of twists and turns, both positive and negative. Your retirement plan should be versatile enough to accommodate significant life events, such as:


  • Family Changes: Welcoming a new family member or experiencing the loss of a loved one can have financial implications. Ensure your plan can adapt to these changes.
  • Career Advancements: If you receive a promotion or a significant salary increase, don’t forget to adjust your savings plan accordingly.
  • Divorce: In the unfortunate event of a divorce, your financial situation may change drastically. Be prepared to revisit and adjust your retirement plan as needed.


Remember, your retirement journey is a marathon, not a sprint. Regularly reviewing and adjusting your plan as life unfolds is essential to staying on course.


If you have questions or need further guidance on your financial goals, we’re here to help. Reach out to us at (704) 987-1425 or visit our website at We offer complimentary introductory meetings with no obligation to provide you with personalized financial advice and support on your path to a secure retirement.


These Blogs are provided for informational purposes only and should not be construed as investment advice. Any opinions or forecasts contained herein reflect the subjective judgments and assumptions of the authors only and do not necessarily reflect the views of Osaic Financial.