You Need This Much Retirement Savings At Your Age And Income
PAUL KATZEFF 03/23/2018
Are you saving enough for an affordable retirement? Knowing how much to save for retirement is a key question in planning. Yet many people don't know how to figure out the right amount of retirement savings and don't even try, even though knowing is important to their financial health.
PAUL KATZEFF 03/23/2018
Are you saving enough for an affordable retirement? Knowing how much to save for retirement is a key question in planning. Yet many people don't know how to figure out the right amount of retirement savings and don't even try, even though knowing is important to their financial health.
But here's a practical, fast way to get a rough idea of whether you're on track, and it's easy-to-use.
It provides an estimate of the figure you'd come up with if you went the longer route of making a budget, calculating how much of your expenses will be each year in retirement and then crunching those numbers.
All you need to do is see if your retirement savings match a specific percentage of your yearly income. That percentage changes, depending on your age. It also changes, based on your income.
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