Aside from retirement, it's important to grow your liquid savings, too. Here's how much you should have by age.
and have a more manageable monthly payment, that could mean you'd need to save $80,520. However, that amount can differ significantly by location and personal preferences.During your 40s, leading up to age 50, your"main focus changes gears to building assets, including liquid savings," says Redfern.
And if you already accomplished goals like buying your first home, you might turn toward loftier ones, like buying a vacation house. Keep in mind, however, that you need to plan ahead to reach that goal. "You could also reevaluate your savings through the lens of your insurance deductibles. Is there enough to pay your health, car, and homeowners deductibles, in addition to your monthly expenses?" she adds.As you turn 70, you might have recently retired or be close to doing so. In that case, you might want to save enough to pay off debts so you have lower monthly expenses.
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