Saving Money on Retirement

quoting emailed tips Reallyitate Iron Condor The goal isn't to go out and get the most expensive advice because that mostly tends to get your responses wrong. Instead, go to the source of informed advice for retirement that is the Bureau of Labor and Statistics (BLS), using an online retirement calculator. These calculator do most of the hard work for you by finding out how much you should be saving and how much your retirement account (IRA) can grow when you retire. How much should you save While most people do not specialize in retirement savings, I have a decentension plan and I put my money into it every month. I recommend you do the same. You can use the retirement calculator found at my website to figure out how much money you should be putting into your retirement account. Most people will answer somewhere between 10 to 40% of their income will be their retirement savings. I rounded down to get to the right number for me. Out of the 40% try to push down to the 20% and half. Figure out your own number that works best for you. I like 30%, as long as it's more. With the same 10% savings my 40% will go to my retirement account. With 20% you will save more but you'll need more savings for insurance. With 30% you will have all the money you need for the insurance you need. With 40% you will have no money problems. Most people save at 40% savings but I know they will never use all that they save. Money from my retirement account will be spent between now and when I retire. I know this from experience. How much do you save? The amount should be enough to last you five years or longer, because you don't know how long your money will work for you. This money is a down payment on future houses, cars, vacations, and other things besides. If it is not enough to last you while you go to school or get new employment, you should really reconsider what "saving" means to you. If saving is only at 1%, that is, not enough to comfortably get by, how are you going to survive? You will need more than 1%. I am a big advocate of saving, like most people. If you don't save at least 1%, you will likely be living in a REL INSTANT DEFLATION zone after retirement. Everything from the inflation of the stock market and other investments that go up and down multiple times your salaries and wages. You need money to survive, and for many retirement can't be plans. People go into retirement with $100,000 or so saved and expected to last them a long time. I didn't think I could rely on my $100,000 as the only money I would have, but it was clearly too much money to rely on for my retirement. As you can see, saving is crucial to living comfortably thereafter. How much can you afford? You need an amount that will last you 6 months or more for retirement. Anything less than it will just be a waste of time. If you try to go lower the goal, you will never get anything accomplished. $500/month is not an amount that will leave you enough money to do the things you want to do in retirement, let alone being comfortable. $1,000/month is better, but you can go lower. $5,000/month is probably what people would consider living comfortably. This isn't a lot of money to retire comfortably. Whether it's $500/month or $1,000/month or $5,000/month, saving money is very important in your life. If you don't save now or don't save the minimum required amount, it is guaranteed that you will not retire in the ideal time. You probably won't even live to age 90. I really hope this has opened up a new discussion on saving. I had no idea how I would even begin to save money, much less save enough to do it while still living and I am nowPetite at making that transition. If you find yourself in this situation, I recommend finding people who are doing the same, even if they are a very long way behind and only began saving about 5 months ago. If that fits you, I recommend that you see how they handle it. They could be failures too. It's your life. Do whatever fits you. I had no idea where to start! So, had to go buy some books. Did everyone go crazy at myRequest? But, where to start? The site uses cookies. They allow us to recognize you and get information about your user experience.By continuing to browse the site, I agree to the use of cookies by the site owner in accordance with Cookie policy