While a 70% income replacement ratio is the industry standard, it’s important to determine how much of your income you need to save in retirement.
This is much more difficult to forecast as it depends entirely upon your lifestyle.
To determine how much, you need to save each month to fund your retirement you only need to know the following variables.
Scenario 1: No workplace pension or retirement plan.
Scenario 2: No workplace pension but a matching retirement plan
Scenario 3: Defined Benefit (DB) pension plan