3 questions to ask yourself about saving for retirement

Financial expert Nicole Lapin shares three questions to consider when deciding how much to save for retirement.

Transcript

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[MUSIC] I'm Nicole Lapin, your financial expert with some tips on how you

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can make the most of your money. Saving for retirement can be stressful. Conventional wisdom dictates that you need a nest egg of at least

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million dollars to retire comfortably. But that figure can be intimidating. And feel unreachable for so many people. So what do you do? I say

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forget conventional wisdom. There is no magic number. To figure out what you'll need for retirement, start by asking yourself these

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three questions. What are your living costs right now? Figure out how much you spend annually. Knowing how much you're spending right

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now will give you a better sense of how much money you'll actually need to save to maintain that same quality of life. When do you

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want to retire? People are living longer which means savings have to last you a lot longer than they used to. For example, if you

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retire at 65 you might be looking at a 30 year retirement. Is your money working for you to achieve your retirement goals?

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Don't just rely on one retirement account. aim to invest in as many different types of retirement accounts as possible. In this

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case the more the merrier. How fit are your finances? Take the free money fit assessment at sharecare.com for a personalized score