Almost half of Americans plan to work past the traditional retirement age of 65, and their biggest motivation comes down to savings.
Among the people who plan to work longer, 78% said their decision stemmed from the fear of not having enough money to retire comfortably. That's according to Northwestern Mutual's 2019 Planning & Progress Study.
But it can be hard to figure out just how much money you will need to retire. Here's a case study.
Experts recommend saving 10% to 15% of your income for retirement.
And if you have a traditional job, you already pay 6.2% of your salary in Social Security taxes.
In this case, there are two puzzle pieces to your monthly retirement budget: your personal savings and Social Security.
NerdWallet crunched the numbers to figure out the personal savings side of your retirement plan. These numbers assume you save 10% of your $45,000 income a year, get a 6% return on your investments while you are working and retire at 67. And for retirement, we assume a 3% return on your nest egg.
Check out the video to see a breakdown of how much money your savings and Social Security benefits will translate into when you retire.
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
