Most Americans understand the importance of saving money to fund their retirement once they stop working, however, most do not know just how much they’ll need to pay for their basic living expenses or fund the retirement lifestyle they desire.

There is no magic retirement amount that will allow seniors to survive financially during their retirement. According to financial planners, the amount of savings needed for retirement all depends on lifestyle, standards of living and goals during retirement. Since life expectancy rates are increasing in North America, seniors should estimate their retirement funds based on life expectancy to age 90.

So how much do seniors need to put away for their retirement during their careers? Retirement financial planners say that 15 times your regular income should fund your bare bones expenses up until age 90; however, you can’t expect to have any money left in the bank or live the luxurious retirement lifestyle you’ve dreamed of. For those seniors who hope to travel, or maintain a less-modest lifestyle during retirement, and still have money left over; at least 22 times your regular income is required.

Financial planners say that retirement planning should start as early as the 20’s or 30’s, so that a sufficient amount of money is available to fund retirement when the time comes, and only a small portion of monthly income needs to be put aside in order to reach retirement goals.