Your benchmark for retirement savings will largely depend on your lifestyle, time horizon and your goals for retirement. Women typically live longer than men, so your plan will want to account for that. Longer lifespans mean more years to fund. A financial advisor can help you determine your specific savings benchmark and a tax-smart plan to help you work toward that goal.
In the meantime, be sure to contribute to tax-advantaged accounts: Maximize contributions to your 401(k) account, especially if you have an employer match, and if you’re eligible, contribute to a health savings account (HSA), which helps you save on taxes for certain healthcare expenses.
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