"According to the Employee Benefit Research Institute , more than 50% of Americans have less than $10,000 saved for retirement. This is a big concern, especially considering how shocking it is that a much smaller number have more than $500,000 tucked away for retirement. When you look at the data breakdown provided by the research, there is no question that it will shock people of all income and savings levels."
"When the time comes, you should sit down with your spouse or a financial advisor and consider how much you can save immediately. This would include your current income level, expenses, lifestyle choices, etc. Knowing your financial position, you can consider maximizing savings without entirely sacrificing your quality of life. This might include creating a new budget focused on reducing discretionary spending that can be put into savings instead."
"As you look at what kind of financial injection you need to move yourself from one savings level to the next, you must consider what number you really need. As a general rule of thumb, you want to put aside around 70-80% of your pre-retirement income for every year you consider not working. This could mean establishing a baseline where you put 10%, 20%, or even 30% of your net income annually into a retirement account."
More than half of Americans have less than $10,000 saved for retirement while far fewer have saved more than $500,000. Individuals should assess current income, expenses, and lifestyle to set achievable savings targets. Couples or financial advisors can help determine immediate contribution capacity. Maximizing retirement contributions should balance saving goals with quality of life through targeted discretionary cuts. Establishing a budget can free funds for retirement accounts. A general guideline is to aim for 70–80% of pre-retirement income per retirement year and consider saving 10%–30% of net income annually as a baseline.
Read at 24/7 Wall St.
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