Conventional wisdom suggests we should save about 10 to 12 times our current income; however, many people approach retirement having saved much less.

So, how much is enough? The amount of money you should have saved before you retire depends on many personal factors and considerations, including:


If you live well within your means and have prudently saved for retirement, you may not need to adjust your lifestyle much. It is better to have the choice to downsize your lifestyle and spending habits than it is to be forced to due to lack of adequate planning.


Although it’s wise for both you and your spouse/partner to save for retirement, there are other considerations that may impact your total savings target:

  • At what age do you plan to retire?
  • If you have a spouse/partner, will you retire at the same time?
  • Will you receive a pension from your employer?
  • Do you plan to continue working part time?


If you are healthy, and have longevity on your side (e.g., your parents lived past the average life expectancy of 81 years for women and 76 years for men), consider saving more money.


If you will receive a pension from your employer, Social Security Insurance or dividends from investments, include them in your overall retirement plan.


These may include a mortgage, car payments, credit card debt, health care expenses and financial support for children or grandchildren. 

Keep in mind that nothing is set in stone and your circumstances may change at anytime. Changes in your health or that of a family member, or changes in your family status, may affect your financial situation. For any circumstance changes that may impact your retirement plans, be sure to connect with a financial advisor who can help you update your plan and stay on track to reach your retirement goals. Think you may be too low? Here are some ways you can have more income in retirement!

1. Consider delaying your Social Security benefit. Claiming at your full retirement age (70 years old) will ensure you receive your full monthly benefit. Claiming it sooner may reduce the monthly amount.*

2. Become a landlord. Consider purchasing a rental property or leasing extra space in your home through publicly hosted sites such as or These sites provide the necessary infrastructure for you to market your location, collect payment and have renters only when it is convenient for you.

3. Why retire? More Americans are continuing to work part time or in a consultant capacity after retiring from their full-time careers or businesses. Many people feel their jobs will keep them active and their minds sharp. Continuing to work, either full- or part-time jobs, may allow you to save more of what you earn until you reach a point where you either can’t or don’t wish to work anymore.

If you do not have a financial advisor, I would be happy to refer you. Thinking of downsizing? Contact The Swede Team today to get more information on how we work with the 55+ community!