(Newswire.net — May 21, 2014) Edison, New Jersey — There are over thousands of searches on a daily basis of people searching for more information about how much money they will need to save to retire. Just last month in April the Gallup Report published a report that the #1 financial concern in Americans have is “Will I have Enough Money To Retire?”
Today more and more people are faced with a crucial decision as they near retirement: do they continue working to support their lifestyle or do they cut back on their lifestyle in order to afford retirement. Sadly this is only a reality for a few, majority cannot afford to stop working in order to retire.
A quick google search reveals that individuals in the 50’s and 60’s are researching the topic, but also 30 something’s and 40yr olds who are thinking ahead.
The infographic created by Money Crashers is a great tool for anyone researching on “how much do I need to save to retire.” The information is broken down by age, income and a recommendation of the least amount that should be saved yearly to stay ahead.
So for anyone searching “how much do I need to save to retire in 20yrs” or “how much do I need to save to retire at 55” this is a great tool to start your journey.
For instance a new college graduate at the age of 22yrs with a yearly salary of $25,000 should be saving at least $1,720 annually.
Someone at 40yrs of age and earning $42,561 should ideally have at least $88,132 saved for retirement.
Will You Be Ready For Retirement Infographic does a great job by adding events that should be considered. Events such as being married, one partner tends to live longer than the other one. Factors such as inflation, penalties for early withdrawals, taxation when withdrawal happens, all important events that should be considered.
Saving for retirement can be a daunting process and experts suggest seeking an advisor to help with the process. Setting goals and saving is a great start, but the crucial step for most is getting clear where they stand financially. Accepting where one is financially and not understanding how money works is what derails most people.
Do you know how much you need to retire?
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Source:
http://www.howtoinvest1k.com/zs6t