Decoding Retirement explores the crucial question: How much money do you need to retire? Various benchmarks suggest saving 10-13.5 times your salary, but Jean Chatzky emphasizes the need to focus on the lifestyle you want in retirement, not just hitting a savings number. Listen for more insights.

It’s not just about hitting savings milestones, it’s about understanding the math behind them. Fidelity’s 10-times-your-salary target aims to replace 80% of your final pre-retirement income. Chatzky advises focusing on consistently saving 15% of your income for retirement, including employer matches, as a key strategy for reaching your goals.

While common advice suggests expenses will decrease in retirement, research shows spending often increases before and after retirement. Chatzky warns against assuming costs will drop by 20-25%, highlighting that travel, home renovations, and other expenses can actually rise. Planning for these factors is key to financial preparedness.

Chatzky advises a detailed approach to retirement planning, emphasizing the need to estimate costs for essentials like housing and healthcare, as well as discretionary expenses like travel and entertainment. Adjusting your cash flow or working longer can be effective strategies if the numbers don’t add up. Dig into the details to plan effectively. Delaying retirement allows Social Security and retirement accounts to grow. Financial journalist Robert Powell emphasizes the benefits of postponing retirement. For more retirement tips, watch Decoding Retirement with Robert Powell every Tuesday. Stay informed with the latest personal finance news and business updates from Yahoo Finance.

Read more at Yahoo Finance: How much money do you need to retire? Expert reveals the truth.