How Much Money Do You Need to Retire?

🧙Is retirement becoming more of a fantasy than Hogwarts School of Witchcraft and Wizardry? (You’re not a Hufflepuff, Susan, you’re an adult.)

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Maybe retirement isn’t a fantasy after all! You see, even though Americans are staying in the workforce longer than they used to, people are holding onto the dream of having financial freedom in their golden years. Pimped-out Jazzy Chair not included. 

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🤔💸What does retirement planning even look like today? More importantly, could you get your “accepted into Retire-warts'' letter by owl any day now? Here, we lay out some quick facts and strategies to help you save for retirement.

Here’s Five Fast Facts on retirement savings:

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1. 🔢 Math, Math.. - Retirement experts (AKA the biggest nerds on the planet…and all total Ravenclaws) recommend saving 10x your pre-retirement salary. You should also plan to live off only 80% of your working world salary. 
2. 🧮 ...And More Math -  How much do you need? Multiply your current yearly expenses by 25. For example, if you spend $50K a year, you should plan on saving $1.25M. If that seems bougie and outrageous, remember that whatever you sock away is supposed to last the rest of your earthly days and let you live on more than the Weasleys. 
3. ✅ Social Insecurity - The future of social security up in the air, so retirement savers should think outside the box. Consider putting extra overtime cash or tax refunds right back in the bank in order to boost your savings. Bonus points for diving into alternative income streams like real estate or inventing new flavors of Bertie Botts every flavor beans.
4. 🤔Think beyond the 401(k) - There are several smart ways to save up for retirement other than a 401k or pension. Thankfully, none of them involve practicing Unforgivable Curses on children.
5. 🤩 Ooh, She's Confident! - According to a recent study, most adults are confident they'll be able to retire. In fact, 57% of Generation Z, 62% of Millennials, and 66% of Generation X see a proper retirement in their future. And most of Gen Z believes they'll retire by age 57. If that doesn't work out, hey - there's always quiet quitting!

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🔥Bottom line: Retirement is all fun and games until you realize how much saving and planning it takes to get there. If you have a ways to go before hanging up your work hat, consider moving to a job with a bigger salary to help you save more. Cut out unnecessary expenses, but, remember…you don’t need to save so much that you live a half life…a cursed life…until retirement. Unless you want to bop around the Caribbean six times a year in your Golden Years, then you might want to ball-on-a-budget in the meantime. 

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Are you retiring soon? If so, do you feel like you have enough savings? 

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