If you’re worried about the economy, you may wonder how much cash to set aside. The answer varies for single workers, dual-income families and entrepreneurs.
Here's how much in cash savings you need at different times in your career, according to financial advisors.The typical recommendation for dual-income families is savings worth three to six months of living expenses, said Christopher Lyman, a certified financial planner with Allied Financial Advisors in Newtown, Pennsylvania. The reasoning: Even if one earner loses their job, there are other income streams to help the family keep up with expenses.
Personal finance expert and best-selling author Suze Orman has also recommended extra savings, and recently told CNBC she pushes for eight to12 months of expenses."If you lose your job, if you want to leave your job, that gives you the freedom to continue to pay your bills while you're figuring out what you want to do with your life," she said.With more economic uncertainty, Lyman recommends entrepreneurs and small-business owners try to set aside one year of business expenses.
"Having a sufficient cash buffer is a critical element to making your money last in retirement," said Brett Koeppel, a CFP and founder of Eudaimonia Wealth in Buffalo, New York.when the market is down, a misstep that could drain your retirement balances faster. For example, if your monthly expenses are $5,000 per month, you receive $3,000 from a pension and $1,000 from Social Security, you may need less in cash, around $12,000 to $36,000.Savings is a 'very emotional topic'
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