How much should I have saved for retirement? Or, how much money should I have in retirement savings and retirement investments based on my age. That is what we are going to look at today in this retirement planning scenario. At the end of this retirement video, I want to give you 3 ways that you can save for retirement today and make sure that you are saving enough for retirement.
How Much Should I Have Saved For Retirement?
An easy rule of thumb is to use your annual salary and age for retirement planning:
*30’s: 1-2 x’s Annual Salary
*40’s: 3-4 x’s Annual Salary
*50’s: 6-7 x’s Annual Salary
*60’s: 8-10 x’s Annual Salary
For example, a 50 year old single person making $75,000 a year should have around $525,000 saved for retirement in retirement assets or retirement savings.
How You Can Save More For Retirement:
- Save and Invest 15-20% of your annual gross salary into retirement investments or retirement savings
- 25x Rule for Retirement Savings:
- Take your annual expenses and multiply by 25. If you have this amount saved, you are on track for retirement.
- Take your annual salary and multiply by 25. If you have this amount saved, you are on track for retirement.
- Create a budget for now and for retirement.
**To schedule your virtual retirement and investment consultation with Drew, please select a day & time that works best for you: https://calendly.com/pearlwealthgroup/discoverycall **