How to CRUSH Your Savings Goal

To cross the finish line when you want, find the right target for your retirement savings and follow our training regimen.

- SANDRA BLOCK

As anyone who uses a fitness app can attest, setting goals can be a valuable motivational tool. The allure of the couch is easier to resist if your Fitbit or Apple Watch informs you that you’re well short of your daily step or exercise target.

Likewise, visualizing a retirement goal—and working toward a specific number—can motivate you to save, even when retirement is years away. “We’ve found that most people find it helpful, regardless of their age, to have an idea of how much they likely should be saving in order to retire at a reasonable age,” says Tom McCarthy, a certified financial planner in Marysville, Ohio. “Without a target, they just don’t know how much to save, how much risk to take, and which types of investment accounts to use.”

There are plenty of calculators on the internet that will help you estimate your retirement number. But as with any calculator, your results will depend on the information you provide, which may not always be accurate. And even if your data is on target, your retirement number isn’t static. The amount you’ll need to retire comfortably will change throughout your working career depending on numerous factors, ranging from how much you earn, how long you expect to work and your investment returns.