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Now that I am retired, do I still need to save money? If so, how much should I put aside in the first 5, 10, 15 years, etc., of retirement?


As with so many questions, the answer to this one is: It depends. If you’ve got enough saved up so that you can withdraw 4 percent or 5 percent a year and still live comfortably on that income plus Social Security, then there probably isn’t a reason to continue saving unless you want to accumulate a larger estate for your loved ones. If you won’t be able to make ends meet – and have a bit more to handle contingencies – then you may need to save into retirement. An obvious way to do that is by continuing to work part time. As for how long to do that, it depends on individual circumstances, too, but an obvious goal is to earn enough for long enough that you reach the point where you can cover your needs and wants with Social Security plus the 4 percent or 5 percent annual withdrawals from your retirement fund.

-Conrad de Aenlle