Financial Consultant Paul Nourigat, and author of No Time to Wander, shared his thoughts on social security and saving for reitrement.
Paul explained that the first things you need to figure out are:
1. Cost of living. Essentially, the cost to live the life you love
2. Your existing savings.
3. Where your retirement income will come from, like part time work, Social Security and employer pension plans
4. Number of years you expect to be in retirement.
Once someone has this information, they can determine their magic number using an online planning tool through their financial institution, or using a financial planner or CPA to help them. Doing this multiple times in your life is really worthwhile, as it gives families a sense of confidence in what they need to do differently, if anything.