Retirement planning: How to set yourself up for your golden years
According to a new survey from The Employee Benefit Research Institute, 7 out of 10 Americans feel confident about retiring comfortably. As inflation continues to grow and Americans feel wary about retiring, it becomes paramount to start planning as soon as possible.
Retirement Daily Editor and Publisher Robert Powell joins Wealth! to give insight into what Americans can do to set themselves up to eventually retire comfortably.
"One is to think about how much money you need to accumulate relative to your salary. So companies like Fidelity, T. Rowe Price, Lincoln, others have said maybe what you need is somewhere between ten to twelve times your final year's salary set aside in your nest egg in order to fund your desired standard of living," Powell explains. "The other folks say another rule of thumb would be to look to replace 75 to maybe 80% of your pre-retirement income in retirement as a way to make sure you have the same standard of living. I think those are great places to start."
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Пікірлер: 11
financial advisors worked for their commissions not for your best interests
Saving even $20 a week in a retirement account and raising that amount by $5 weekly each year is a plan most people can achieve. You budget how you plan.
Thank you for the better news about retirement
In terms of retirement expectations, I'm fortunate. I used to travel when I was younger, and because I was raised to make sacrifices, I don't have ostentatious tastes. I believe that by engaging in my inexpensive activities and living frugally, I'll have a very good retirement.
@OliverTilney
10 күн бұрын
How did you do it ? So many people think using financial advisor is a bad Idea . I have been hearing about a certain name but I do not know if it will be nice to give a try
@OliverTilney
10 күн бұрын
Yes I agree with you ⬆
@AnnBurrow-vb8tt
10 күн бұрын
Can i get connected here in Switzerland 🇨🇭I keep hearing " Cynthia Mcclure Alexander " name being mentioned everywhere . Is there any social media handle I can contact her ?
@KimberlyWillowWood
10 күн бұрын
Quitting may not be the best approach if you ask me. This is where an AI comes into the picture. I barely have time to trade myself as my job swallows up most of my time
you need 16 to 18x your existing salary to retire comfortably...
@Nepomuc
Ай бұрын
This is way too broad.
This man is delusional, thinking that most millennials and GenZers are able to save for retirement. Yahoo did a video months ago sayimg these younger groups won't be able to afford homes or retire for that matter.