If you make $300k per year, don't retire at 65 unless you have this much saved

Saving for retirement requires a disciplined approach, with the amount you need to save being dependent on your income and planned expenses. Making adjustments as income or plans change is essential for a secure retirement.

To retire comfortably at 65 with a $300,000 income, one should have approximately $2.09 million saved, which factors in consistent retirement contributions, tax rates, and expected rates of return on investments.

If you find yourself behind on savings, don’t panic; instead, consider maxing out your 401(k) contributions and IRAs, delaying retirement, or cutting back on discretionary spending to bolster your retirement fund.

Common strategies for catching up on retirement savings include maximizing contributions to retirement accounts, considering postponement of retirement to increase your portfolio and Social Security benefits, and reducing current expenditures for better financial health.

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