 The sooner you start saving for retirement the better your chance of attaining your retirement savings goals. If you begin saving before age 32, the general benchmark savings amount is 10 to12 percent of your gross income. By waiting until age 45, your savings rate could increase to 20 percent of your gross income.
Review your investments and contributions to employer sponsored retirement accounts. If your employer is matching your contributions with a three percent contribution, then consider at least a 7 to 9 percent deferral amount.
Savings come from various sources including salary deferrals and employer contributions to retirement plans and other after-tax accounts such as investment accounts, money markets or certificates of deposit.
Seek the advice of a financial planner for a personalized assessment of your retirement needs. Review your goals and finances annually- reviewing your plan helps you monitor your progress towards reaching your goals. |
