Read More at Planning your retirement Retirement gurus will have different opinions on how much you should save for retirement. The answer to this question varies and is impacted by factors like average income and future retirees’ lifestyle goals once retired. Since not all of us consider things that much in advance and start calculating retirement goals as soon as we start working, it is a good idea to calculate this number based on your current age. Figuring out your target retirement income For most people, 15% of annual income alongside employer contributions should be an ideal savings goal. Keep in mind that this only goes if you start saving for retirement at age 25 and continue saving until age 67. This approach should enable you to secure sufficient money to support your existing lifestyle post-retirement. If you are unclear…
How To Save Money For Your Retirement
Read More at Planning your retirement If you are concerned about your retirement savings strategy or have not started saving for the future yet, our guide can assist you in starting, no matter the stage of your life or the amount of money you have to invest. If you are still not 100% organized when it comes to your retirement, we will guide you through all the available retirement options and give some advice on how to use them properly. Table of Contents The earlier you start, the better How much money do people need to save to retire Understanding the rule of 25 Retirement saving plans Meeting your employer’s match IRA plans Other retirement options Catch-up contributions for those over 50 Delaying Social Security is an option Control your spending and save more Final Takeaway The earlier you start,…