Everyone looks forward to retirement, but no one wants to think about it at present. Planning now can make life after work more enjoyable and less stressful. How much money will you and your spouse need for retirement?

Retirement starts at sixty-two. People are not required to retire at that age, but they can if they desire. One of the biggest reasons people don’t retire when they are of age to do so is because they can’t afford to. Instead they are forced to continue working in order to live.

With a little planning now, at sixty-two you can look forward to relaxing in your retirement years. In your twenties and thirties, take the time to examine all avenues of retirement investing until you find what works for you. As you pass this mark, the time gets shorter and any investments you make will involve a larger sum of money to meet your expectations for retirement.

Set some goals for your retired life. What do you want to do? Depending on whether you plan to stay at home, relocate, or travel, you will need some money to live out those dreams. For married couples, most things will be doubled except the household bills.

Keep track of your expenses for several months. Calculate the amount of bills that will still exist after retirement. Mortgage payments and other expenses that will come to an end before retirement can be excluded. The bills left over after deducting these paid off expenses will be the minimum amount of money needed to keep the household going. This amount should not include money for the things you want to do.

Consider the fact that you will be retired for as many as thirty years. That is a long time to provide for your needs. This is also a long time to worry if the money will run out. Take into consideration what it will take financially to continue living the lifestyle you currently enjoy.

One option to make sure you are saving enough for retirement is to sit down with a financial planner. Tell them what you want to accomplish during retirement and where you stand now. They can paint a picture of what you need to do to fulfill those wishes. A million dollars sounds like a lot of money, but for two people to enjoy their lives for thirty years, this is not an unreasonable figure.

Start by investing in your 401(k) plan. Contribute the maximum amount that you can afford and still pay your bills. At the end of the month, if there is any money left, put some away in a savings account or CD. Since there are penalties for early withdrawal from 401(k) plans and CD’s consider this as money that can’t be touched.

Let savings account money be used for rainy day problems and unexpected expenses, instead of pulling from your retirement accounts.

How much money is needed to retire is up to the individual and their needs. No one wants to pinch pennies at a time in their life when they have earned the right to be free. Take the time now to put yourself on the right track to adequate savings for the retirement side of life.