Page 18 THE MALDEN ADVOCATE–Friday, May 21, 2021 avy eniiooravvy S iorn or avvyavy y io iori by Jim Miller How Much Will You Need to Save for Retirement? Dear Savvy Senior, Is there an easy way to fi gure out how much I will need to save for retirement? My wife and I are both in our late fi fties and want to fi gure out about how much we’ll need in order to retire comfortably. Ready to Retire Dear Ready, How much money you need to retire comfortably is a great question that all working adults should ask themselves. Unfortunately, far too few ever bother thinking about it. But calculating an approximate number of how much you’ll need to have saved for retirement is actually pretty easy and doesn’t take long to do. It’s a simple, three-step process that includes estimating your future living expenses, tallying up your retirement income and calculating the diff erence. Estimate Living Expenses The fi rst step – estimating your future retirement living expenses – is the most diffi cult. If you want a quick ballpark estimate, fi gure around 75 to 85 percent of your current gross income. That’s what most people fi nd they need to maintain their current lifestyle in retirement. If you want a more precise estimate, track your current living expenses on a worksheet and deduct any costs you expect to go away or decline when you retire, and add whatever new ones you anticipate. Costs you can scratch off your list include work-related expenses like commuting or lunches out, as well as the amount you’re socking away for retirement. You may also be able to deduct your mortgage if you expect to have it paid off by retirement, and your kid’s college expenses. Your income taxes should also be less. On the other hand, some costs will probably go up when you retire, like health care, and depending on your interests you may spend a lot more on travel, golf or other hobbies. And, if you’re going to be retired for 20 or 30 years you also need to factor in some occasional big budget items like a new roof, heating/air conditioning system or vehicle. Tally Retirement Income Step two is to calculate your retirement income. If you and/or your wife contribute to Social Security, go to SSA.gov/MyAccount to get your personalized statement that estimates what your retirement benefi ts will be at age 62, full retirement age and when you turn 70. In addition to Social Security, if you or your wife has a traditional pension plan from an employer, fi nd out from the plan administrator how much you are likely to get when you retire. And fi gure in any other income from other sources you expect to have, such as rental properties, part-time work, etc. Calculate the Diff erence The fi nal step is to do the calculations. Subtract your annual living expenses from your annual retirement income. If your income alone can cover your bills, you’re all set. If not, you’ll need to tap your savings, including your 401(k) plans, IRAs, or other investments to make up the diff erence. So, let’s say for example you need around $60,000 a year to meet your living and retirement expenses and pay taxes, and you and your wife expect to receive $35,000 a year from Social Security and other income. That leaves a $25,000 shortfall that you’ll need to pull from your nest egg each year ($60,000 – $35,000 = $25,000). Then, depending on what age you want to retire, you need to multiply your shortfall by at least 25 if you want to retire at 60, 20 to retire at 65, and 17 to retire at 70 – or in this case that would equate to $625,000, $500,000 and $425,000, respectively. Why 25, 20 and 17? Because that would allow you to pull four percent a year from your savings, which is a safe withdrawal strategy that in most cases will let your money last as long as you do. Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or visit SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book. ~ Home of the Week ~ SAUGUS...Sherwood Forest offers this six-room, three-bedroom Townhouse, 2½ baths, spacious living room with slider to private deck, master with private bath, hardwood flooring, garage, pool, great location. Offered at $429,000 335 Central Street, Saugus, MA 01906 (781) 233-7300 View all our listings at: CarpenitoRealEstate.com View the interior of this home right on your smartphone. OBITUARIES Brenda L. Page (McKinnon) Of Revere , passed away May 15 2021. Brenda was born in Malden on August 17, 1963, the daughter of John and Helen (Strong) McKinnon. Brenda graduated from Malden High School in 1981. While in high school Brenda marched in and taught the drum bugle core, she marched with the Diplomats, the Malden Eagles and the Ambassadors. Brenda was a loyal employee at the DTA for 40 years. Raising her only son Charles Page, alongside her many work accomplishments were some of Brenda’s proudest achievements. Brenda loved to spend her free time with her partner Joseph Ventrice, and other family and friends. Brenda was especially close to her niece Kodie Simonelli. She is survived by her partner Joseph Ventrice of Derry, her son Charles Page of Revere, her mother Helen McKinnon, her siblings John McKinnon III and his wife Lisa of Billerica, Pamela McKinnon of Lynn and James McKinnon of Derry, her Nieces Kodie Simonelli, Antonia, Ashley and Jillian McKinnon and her great nephew Jeremy Spadafora as well as many other family members and friends who will miss her dearly. Brenda was predeceased by her father John McKinnon, Jr. Joseph E. Teneriello, Jr. 81, of Dracut, passed away peacefully at his home surrounded by his loving family. The son of the late Joseph and Phylis (Scacci) Teneriello he was born in Malden on September 28, 1939. Mr. Teneriello moved to Dracut in 1972 with his family. He proudly served in the United States Coast Guard. Mr. Teneriello was the founder of T&T Anodizing, Inc. an aerospace metal fi nishing company located in Lowell. T&T was founded in 1978 and is now owned and operated by his son Joseph III and his two sons Michael and Joseph IV. He enjoyed gambling, playing video games with his grandchildren, cookouts by the pool with his family and friends and making Sunday gravy. Mr. Teneriello was pre-deceased by his parents and two brothers Ralph “Chickie” Teneriello and Robert Teneriello. He is survived by his loving wife of 61 years Corene D. (Croce) Teneriello of Dracut, one daughter: Carol Teneriello and her fi ancé William Neverett of Nashua, NH, three sons: Joseph Teneriello III and his wife Nancy of Stoneham, Thomas Teneriello and his wife Lisa of Hudson, NH, Michael Teneriello and his wife Kelly of Clermont, FL. One sister: Christine Teneriello of Malden, one brother: Peter Teneriello of Fort Lauderdale, FL. Grampa, also known as Papa Joe, will also be missed by his 11 grandchildren, 13 Great-grandchildren, and several nieces and nephews. For Advertising with Results, call The Advocate Newspapers at 617-387-2200 or Info@advocatenews.net
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