Recommended Savings By Age
Presented by Marc Aarons
If you’ve ever played around with online retirement calculators, saving for retirement can be a serious exercise in sticker shock. The good news is a thoughtful financial plan can place you on the right trajectory, eliminate unnecessary worry, and free you to live while your money works behind the scenes.
By way of reminder, here are some general guidelines for what you should have stored away at every age:
- By age 30: You need the equivalent of your current annual salary saved. For example, if you earn $50,000, you should have $50,000 saved for retirement by the time you’re 30.
- By age 40: You need three times your annual salary saved. If you earn $50,000, you should have $150,000 by the time you’re 40.
- By age 50: Have six times your annual salary saved.
- By age 60: Have eight times your annual salary saved.
- By age 67: Have ten times your annual salary saved.
Every person’s situation is unique, however, so give me a call if you’d like to chat more. And if you’re lagging behind a little, don’t worry. There are ways to catch up that I’d love to share with you.
Marc Aarons may be reached at 714-887-8000 or Email Marc
This communication is from Money Managers, Inc.; a Securities and Exchange Commission registered investment advisor. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any securities, and past performance is not indicative of future results. Investments involve risk and are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed here.
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