Saturday, January 14, 2012

How ya doin'?

AARP suggests this is how much you should have saved for your retirement:

by age 30 you should have saved 40% of your annual income
by age 40 you should have saved 2 years of income

by age 50 you should have saved 4 years of income
by age 60 you should have saved 9 years of income

So, how ya doin'?

Most folks can achieve these milestones by saving 10% of their income if they start in their mid/late 20's.
If you are behind schedule, you can catch up by saving more than 10% of your income each year.

All of my books have a simple worksheet to help you estimate your retirement needs without using much math - you just look up your number in a table.  Or, you can play with AARP's retirement calculator by clicking here.

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