The prospect of saving for and creating income in retirement can be a stressful and frightening topic for many people. As our infographic clearly shows—just living makes it hard to save!
So, when you are faced with a retirement that could last for 22.5 years or more that requires over $1 Million dollars to fund, how can you get started on a path to success?
Start retirement savings early to end comfortably:
The sooner you start saving for retirement the longer you will have to increase your retirement assets and reach your retirement goals. Establish a plan to save for retirement from every paycheck and build in savings increases so that as you earn more you can save more.
How can you save more than $1 Million dollars for retirement? Here’s one way to get there:
• Age based savings rates—The Economic Times Wealth Issue—July 16-22, 2012
• $45,000 Average income for 25 year olds with a bachelors degree—National Center for Education Statistics—Fast Facts 2014
• Assumes salary increases by 2.5% each year.
• Assumes 3.6% interest earned each year.
• 2014 IRS maximum tax-deferred contribution limit $17,500
• 2014 IRS 50+ Catch-up Contribution limit $5,500
*Franklin Templeton RISE Survey, 2014
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