A recent study shows that most Americans need about $74,000 a year in combined savings, pension and Social Security in order to live after retirement.

Wealth management expert Jason Haswell says that’s a good average.

But he says he knows a lot of people who live with a lot less than that, and others who require a lot more!

Haswell says you need to start three to five years before you retire to calculate this.

He says one thing is vital: knowing your monthly budget.

That’s how much you spend right now on all the expenses in your life.

And he says you need to count everything.

“Between utilities, mortgages, car payments, insurances, credit cards, food, you have to look at all those things,” he noted. “Do you go to the movies a lot? How many nights a week do you eat out? How much are you going to need for travel?”

He says you need to calculate the money that will be coming in, to make sure it will cover the expenses.

And he says you shouldn’t withdraw more than five percent a year from your total retirement savings, because that would eat into the principal, and you’d be losing money rapidly.

He says your retirement plan won’t be like anyone else’s.

“Clients are like snowflakes,” he says with a smile. “Each one is different.”