What is your retirement reality? Is the amount above ENOUGH?
Most people have good intentions about saving for retirement. But few know when they should start and how much they should save.
One rule of thumb is that retirees will need approximately 80% of their preretirement salaries to maintain their lifestyles in retirement. However, depending on your own situation and the type of retirement you hope to have, that number may be higher or lower.
Here are some factors to consider when determining a retirement savings goal.
The longer you put it off, the harder it will be to accumulate the amount you need.
By contributing even small amounts each month, you may be able to amass a great deal over the long term. One helpful method is to allocate a specific dollar amount or percentage of your salary every month and to pay yourself as though saving for retirement were a required expense.
If you have trouble saving money on a regular basis, you might try savings strategies that take money directly from your paycheck on a pre-tax or after-tax basis, such as employer-sponsored retirement plans and other direct-payroll deductions. You could also try to increase your contribution level by 1% or more each year as your salary grows.
Would you like One Nevada Investment Services to help you plan for your retirement? We would be happy to sit down with you to make sure you are saving properly and with the right planning to create your desired retirement.
Contact us today for a FREE consultation!
Disclosure: This calculation tool is used to determine a “guesstimate” of what your monthly “retirement check” could be at your projected retirement age/date. It is a simplified approach to get an estimated figure from which to assess your current or future retirement preparedness. Tax implications are NOT taken into account with this financial estimating tool. It is only a projection and is in no way a guarantee and is based on numbers supplied by you from sources you believe to be reliable.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. One Nevada Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members. (Member FINRA/SIPC)