10 Best Retirement Tips To Start Doing Right Now
When it comes to retirement most people are not prepared. Saving enough for retirement requires knowledge, planning and putting money away now. No matter how far away from retirement you are you should be saving and planning. A recent study found that a quarter of Americans aged 50 to 64 have yet to start saving for retirement. Ten percent of the respondents had started saving in their teens. It may seem extreme but the sooner you start planning for retirement the more likely you will be to have enough money to enjoy your retirement years.
1. Figure Out How Much You Need
Most people will need about 70% of your current income to sustain you in retirement. This is a substantial amount that you can’t earn just by putting a few bucks in here and there. In some cases you may need as much as 90% of your current income to maintain your standard of living into retirement. This can change if you plan to downsize, liquidize assets or spend retirement traveling. So sit down and crunch the numbers to know what you need.