Brett
Guest
How much should you save for retirement ?
https://www.wsj.com/articles/how-to-know-if-your-retirement-savings-are-on-track-11617311712
Fidelity says workers should aim to save at least six times their annual income by age 50; T. Rowe Price and J.P. Morgan put the figure for a 50-year-old, depending on household income, at about five times annual earnings. Yes, these ballpark figures can be helpful. But they address only one part of planning for later life. Ideally, you want to find out: Are my finances as a whole heading in the right direction? Put another way, you don’t want to reach the year 2033—assuming you do, in fact, retire in 12 years—and discover that in the early 2020s you could have or should have been more aggressive or conservative
I’ll conclude with a sobering thought: Fully 50% of all households in the U.S. are at risk of not having enough to maintain their living standards in retirement, says the Center for Retirement Research at Boston College. Again, a comprehensive financial checkup at least 10 to 15 years before retiring can help put you in the better half of that mix.
https://www.wsj.com/articles/how-to-know-if-your-retirement-savings-are-on-track-11617311712
Fidelity says workers should aim to save at least six times their annual income by age 50; T. Rowe Price and J.P. Morgan put the figure for a 50-year-old, depending on household income, at about five times annual earnings. Yes, these ballpark figures can be helpful. But they address only one part of planning for later life. Ideally, you want to find out: Are my finances as a whole heading in the right direction? Put another way, you don’t want to reach the year 2033—assuming you do, in fact, retire in 12 years—and discover that in the early 2020s you could have or should have been more aggressive or conservative
I’ll conclude with a sobering thought: Fully 50% of all households in the U.S. are at risk of not having enough to maintain their living standards in retirement, says the Center for Retirement Research at Boston College. Again, a comprehensive financial checkup at least 10 to 15 years before retiring can help put you in the better half of that mix.