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How Much Should You Save To Retire With An Air Of Dignity?

When it comes to their financial stability, one of the principal difficulties for an array of people in the world today is effective saving techniques. Despite the fact it is easy to understand the concept, it is difficult to employ the discipline and restraints necessary.

To get an idea of how well you are doing, the following chart provides insights as to how much money an individual should have in savings by every age to retire and enjoy their golden years.

saving goals by age

Image Source: Mike Nudelman/Business Insider Insider

Key Takeaways:

  • Pay yourself first. Retirement experts recommend for an optimal savings advantage, one should put aside at least 10-15% of their take-home income, regularly.
  • Using their savings benchmark criteria, Fidelity’s chart indicates that a 30-year-old should have put aside $60,000.
  • By investing the money that you save, Fidelity notes your initial savings should grow exponentially, so start saving early.

“There’s no way around it: To set yourself up for a secure financial future, you have to have money in the bank!”Let’s face it, you can’t work forever. At some point, we will all be 100% unemployable. If you have money saved, it can work for you. Start saving for retirement now while time is on your side. There is no seemingly benefit to putting it off.

Let’s face it, who can work forever? At some point, we all of us will be 100% unemployable. If you have money saved, it can work for you. Start saving for retirement now while time is on your side. There is seemingly no benefit to putting it off.

Read more: Time.com

Sunwest Trust does not sell financial assets or provide tax or financial advice. The info presented is for educational purposes only. Please seek a licensed financial planner or competent tax professional for specific advice about your specific investing needs.
Terry White

About Terry White

I started my business career after getting my degree in Accounting from the University of New Mexico in 1983. My first job was as a controller for a local title company, and in 1987 I started First Financial Escrow, Inc. Over the years I played a part in several startup companies including First Financial Equities, Inc., First Financial Trust, Inc., First Financial Marketing, Inc. and Asset Ventures, Inc. In 1997 First Financial Escrow, Inc. was able to purchase the escrow accounts from Sunwest Bank and changed its name to Sunwest Escrow. As the market changes, Sunwest has grown and changed along with it. Besides my wife, Sheila, we have three boys, two daughters-in-law, one grandson, another grandson on the way and a future daughter-in-law. Sunwest is my passion, and I enjoy coming to work every day to see what will happen next. I enjoy fly fishing, spending time in Colorado, biking and watching my boys play soccer.