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Started a little late in saving for your retirement? Turbo Charge Your Retirement Savings
10 grudnia, 2013
Here are a few tips to get you on track:
- Check your monthly spending. The lower your monthly expenses, the more free cash flow you will have available to invest. All solutions to your problem start with this one step.
- Pay down consumer debt and credit card debt. Every dollar you pay down in credit card debt sooner or later nets you a return on investment equal to the interest rate on the card with no risk, and no taxes due.
- Make sure you are making the most of your tax-advantaged retirement savings opportunities. Working for someone
else? Increase your 401(k) contributions and maximize your IRA or Roth IRA contributions if you are eligible.
Above all, save money. Stash money away every way you can. According to Fidelity Investments:
At 35, you should have saved an amount equal to your annual salary.
At 45, you should have saved three times your annual salary.
At 55, you should have five times your salary.
At 55, you should have five times your salary.
The benchmarks above are based on these assumptions:
• You begin saving in a workplace retirement plan, such as a 401(k), at age 25. You save continuously and without interruption until a ge 67.
• You start by making an annual salary contribution equal to 6% of pay, and raise the figure by one percentage point each year until you are saving 12% of pay.
• Your employer matches you at 50 cents on the dollar up to 6% of pay and your portfolio grows 5.5% a year.
• Social Security is factored in.
• Your income grows 1.5 percentage points faster than inflation each year.
If you are behind in your savings, a good rule of thumb is to start now and save 10% of your annual salary.
Want to find out more? Contact us today
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