Although retirement may seem distant, it is important to start a strategic plan now so you are prepared when that day arrives. Timing is very important, and the sooner you start saving and investing, the sooner you can begin to focus on a life that will not require you to work.
How much money do you need for retirement?
Well it depends on three factors:
(a) when you retire
(b) where you retire
and
(c) what you plan to do in retirement.
Not all of these questions need to be answered right away, but saving now in a retirement fund that has time to grow is invaluable. Fidelity says to try to have saved at least as much as your current salary by the time you are 35, have three times your salary saved by the time you’re 45, and at least five times your salary by your 55th birthday. When it’s time to retire, your goal should be to have saved at least eight times your ending salary. These numbers aren’t set in stone, but are good benchmarks to follow when starting your retirement savings and investment plan.
Dependable advice in a fluctuating market.
Learn more about our Retirement Planning services.
Related Reading:
Four Things Entrepreneurs Can do Now to Save for Retirement
Finding Financial Independence
YOLO (You Only Live Once) so you Need a Retirement Goal
Your 401K Program: A Little Savings Now Goes a Long Way
The Benefits of Saving Early for Retirement
Advantages of Participating in Your Workplace Retirement Plan
Sherman Wealth Management
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