If you’re worried about how much you’re saving for retirement, you’re definitely not alone. A study at Forbes shows that only 22% of working people actually feel like they’re on track for retirement, and that number is in reality, much lower. People like to use retirement calculators to estimate if they’re right on track for retirement. Use caution, as retirement calculators are probably not the best tool to use in all retirement situations.

Individuals tend to use the 70-80% of their current income number. While this is a good start, the real number should completely depend on you and your spending. 12% of people actually spend more money in retirement than they did while they were working. If you’re a long ways away from retirement, 70-80% is a good number, however, if you’re inching closer, you might want to save a little bit more for good measure.

We should trust our Social Security statements, right? By 2034, it’s estimated that Social Security Trust fund will be much, much lower than it is right now. However, that doesn’t mean you won’t get any of your money. To make sure you won’t be without a source of income, you need to reduce your expected Social Security benefits by about 25% to supplement this projected depletion.

Don’t save your money thinking you’re only going to be living into your 80’s, because that’s not the case any more. Studies show that life expectancy rate keeps climbing higher. Everyone is different and different factors could lead to more or less years. Make sure you’re trying to save a little bit more money to account for what could be a projected and extended timeline.

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