How Much Money Will You Need to Retire?
The U.S. Department of Labor estimates you’ll need about 70-80% to maintain your standard of living. Fidelity recommends aiming to put away 15% of your income each year, including any matching contributions from your employer. That’s a solid benchmark to measure your progress against, but will depend on your income, how it hope to work, and other factors.How to Start Saving for Retirement
There are plenty of things you can do now to set yourself up for retirement success, no matter your age or financial situation. Here are three simple steps you can take to increase your savings and odds of retiring on your own terms.1. Start Early
You’ve likely already heard this advice, but experts seem to agree on one thing: start saving early for retirement. The sooner you start saving and investing, the better off you’ll be. Thanks to compound interest, your money can grow over time in a retirement investment account, and you can make money on your money.It’s easy to procrastinate and push back your retirement savings, but it can have a more significant impact than you think. To estimate how much you’d need to save for retirement; it’ll show you a little can go a long way. While saving early for retirement will give you a leg up, it’s never too late to begin.
