Retirement planning is something everyone knows they need to do, but very few take the time to plan accordingly. Fortunately, we have a simple plan to help you achieve your retirement goals. Simply stated, you should SAVE AND INVEST YOUR MONEY!
Wow, that sounds so simple, but it is much harder than it sounds to do. The first thing you need to do is to read the rest of our site, go through the rules of financial management and learn how to take control of your finances. Turn your monthly savings into a positive number, then increase it each month. Take the money you save and invest it each week. If it doesn't seem like much, don't get discouraged, just keep saving and investing it. If you don't do this, you will regret it and worry about it for the rest of your life. It's never too late to start.
With that said, retirement planning involves a lot more than just saving your money. You need to know what to plan for and how to invest your money at different ages.
If you're interested in comparing how well you've done so far saving for retirement, check out the table below to see how you compare to others in your age and salary group. But remember, these are averages, not recommended savings. We recommend that you beat all the numbers on this chart before you feel satisfied.
|$20k - $40k||$9,069||$25,785||$42,182||$57,168||$48,914|
|$40k - $60k||17,996||41,922||61,538||76,920||83,180|
|$60k - $80k||33,941||70,735||94,162||117,964||140,167|
|$80k - $100k||45,534||104,018||150,166||182,656||223,936|
|$100k & up||47,525||132,395||229,878||297,250||323,711|
Source: EBR/ICI Participant Directed Retirement Plan Data Collection Project