Planning for retirement is imperative to gaining financial security in later years. However, figuring out the appropriate savings amount could be a real challenge. According to the well-known financial advisor Scott Tominaga, there are so many variables to consider, ranging from lifestyle assumptions to possible market inflation for this purpose. Knowing how to figure out the optimal retirement savings level will enable individuals to attain a secure, stable, and relaxing retirement. 

1. Estimate Desired Retirement Expenses

The foremost step in calculating how much one needs to save for retirement is projecting retirement costs. These may consist of daily expenses like housing, food, health care, transportation, and recreation. Many people tend to underestimate these costs and consequently face financial hardship, which is not desirable after retirement. This is why one should have realistic views while calculating their post-retirement costs. 

A general rule of thumb states that retirees are required to save approximately 70-80% of their pre-retirement income to support their standard of living in retirement. However, this can differ based on individual situations, desires, and the realism of the lifestyle they lead. 

2. Factor in Inflation

Inflation is an important factor when determining retirement savings according to Scott Tominaga. With time, the price of goods as well as services tends to rise, so the purchasing power of their savings will decrease. To compensate for inflation, one should save above their estimated current retirement costs.

A widely used method is to apply a 2-3% inflation rate per year when estimating future costs. In this way, people can ascertain that their retirement funds will support them in maintaining their purchasing power as prices continue to rise.

3. Contemplating Life Expectancy

Life expectancy is a major component that will need to be accounted for while estimating the retirement savings of an individual. People are increasingly living longer than ever before and may need to fund a retirement of 30 years or more. According to a common thumb rule, individuals should plan to accumulate enough toward retirement savings that can support or last until age 90 or 95, considering the health condition of the individual at retirement and their family history.

To compute this, people can begin by considering the age at which they like to retire and the number of years they are expected to live after retirement. This number will serve to set the savings objective.

5. Factor in Other Income Sources

It is necessary to take into account any other source of income during retirement, e.g., Social Security, pension, or rent. They lower the sum that people need to save. For instance, if a person can expect to earn $2,000 a month from Social Security, or has a persisting income of $3000 from the rental property, they can include this sum in the calculation of retirement income.

Deducting any anticipated earnings from these sources will provide people with a better savings goal and lessen stress while ensuring a more financially stable retirement life. 

Determining the correct amount of retirement savings is an integral aspect of financial planning. Make sure to follow the above guidelines to build ample retirement corpus and enjoy a happy retirement life. Starting early, and consistently saving are the secret keys to making retirement goals easily achievable.