How Much Do I Need to Save for Retirement?

This can seem like an impossible question to answer, especially if retirement seems way off in the distance. However, we can provide you with some clarity by focusing on some key questions you can ask yourself now.

First, think about what "retirement" means to you. Do you want to retire at a certain age? Or are you working toward the financial freedom to do what you want, when you want? Creating your own "vision" for this stage in life can help you and your Edward Jones advisor set goals and figure out how to meet them.

1. How much do I really need?

How much you need to save is really driven by how much income you need in retirement.  If this sounds difficult to imagine, start by estimating how much you spend each year now. 

Your financial advisor can help you:

  • Walk through how your expenses may change later in life
  • Identify and factor in outside sources of income, like Canada Pension Plan / Quebec Pension Plan and Old Age Security
  • Estimate for inflation (the potential rise in prices over time)

2. When do I want to stop working full-time?

When you want to retire determines how many “saving years” you have and how many years you’ll spend in retirement. Think about it this way: The earlier you retire, the longer you'll need to provide for your income needs without working full-time.

We can help

Work with your Edward Jones advisor to better understand your current picture and how you can meet your future retirement goals.

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