In RetireGuide™, my recommended savings number is higher than I expected, why would that be?
Your savings recommendation is based on the information about your existing investments and synced external accounts, any manually inputted accounts, your desired level of spending, and our assumptions (which you can control by clicking “Edit Assumptions” from the Projection page of your plan).
As a first check, please verify that you have synced or entered all of your retirement accounts retirement. This should include all of your retirement investments at all firms, for you and your spouse: IRAs, brokerage / taxable accounts, mutual fund accounts, cash equivalents, and company stock, if they are planned to be used for retirement.
If you’ve removed all Social Security benefits (on the Projection page), this can dramatically affect how much you’ll need to save.
Review the assumptions by clicking “Edit Assumptions” from the Projection page of your plan.
Review the spending amount you specified to make sure it’s realistic given your current income and standard of living.
If you recently synced your retirement accounts and got different advice than expected, please read here.