Am I saving enough for retirement?

Now, no matter where you are in your savings journey, the answer to this question is crucial to securing your long-term financial independence and legacy-building goals.

The trouble is that some individuals often focus on a savings number instead of a lifestyle outcome.

In fact, some will tell you that all you need to do is save up six times your salary by the time you turn 50, and you're all set, right?

Well, the truth is that some individuals spend so much time focused on how big their nest egg should be that they forget what that figure represents in the first place.

That's why, when thinking about how much you're saving for retirement, one approach you may want to consider is setting aside enough money to cover future living expenses and enable you to make gifts or big-ticket purchases and deal with potential unexpected health concerns.

Now, make no mistake: rules of thumb and round numbers are helpful in figuring all of this out.

But, knowing what those figures represent with a greater degree of precision can give you peace of mind, knowing that you've saved enough now to meet those future lifestyle needs.

Read More About this Topic

Listen to the FI Mastery Podcast

Learn More About Our Financial Planning Services

Visit us at https://fimastery.com to learn more about the FI|Mastery Journey.

Be sure to follow us on Twitter: @fimastery and Instagram: fimastery