How much money do I need to retire?


Financial advisor meeting with couple
(Image credit: Getty Images)

There is no single way to accumulate your retirement nest egg. But you’ll stand in good stead by weighing up the options for your future and pinpointing the amount you’ll need to live your dream retirement lifestyle.

With only 21% of people feeling confident in their retirement planning, according to the Unbiased 2023 Financial Confidence Survey, getting retirement ready is something we need to work on.  

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BornFull (normal) Retirement Age (1)
195566 and 2 months
195666 and 4 months
195766 and 6 months
195866 and 8 months
195966 and 10 months
1960 - present67
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ExpensesAges 50-64Ages 65-74Ages 75+
Housing45.9 percent 44.9 percent 45.6 percent
Food11.0 percent 11.2 percent 11.2 percent
Health7.8 percent 9.6 percent 10.6 percent
Clothing2.9 percent 2.9 percent 2.7 percent
Transport13.9 percent 12 percent 9.7 percent
Entertainment10.2 percent10.5 percent 8.3 percent
Other4.7 percent 5.4 percent 6.3 percent

(1) The United States Social Security Administration
(2) Employee Benefit Research Institute
This content was provided by Unbiased. Kiplinger is not affiliated with and does not endorse the company or products mentioned above.

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