If you’re like most people, as you get settled into your career, you start asking yourself the question as to how much you should be stocking away for retirement. As much as this question is asked, you would think that there would be a quick answer to it. However, since everyone has such different financial situations, the amount of money that an individual can put aside for retirement varies greatly. Mark Dicus & Company is here to talk about retirement and how you can plan for it now.
What Should My Retirement Savings Be?
As far as the quickest answer to how much a person should be saving for retirement goes, you should aim to save as much as you possibly can. A good rule of thumb is 10-15 percent of your income should go to retirement. The very least that a person should be putting away is 10 percent. If you can afford it, obviously, 15 percent is going to be better, but not all budgets can afford it. You don’t want to start saving for retirement any later than your late 20s either. When you start saving later, you will want to put more into your retirement accounts to make up for lost time.
Is it Too Late to Save for Retirement?
Many people want to be retired by the age of 67. If you are saving for that in your 20s, you can get away with putting 10-15 percent away in your retirement account. When you don’t start saving for retirement until you are in your 30s, you may want to up that number to 18-20 percent. The earlier you start saving the better. The problem is, that many young people aren’t thinking that far ahead, and that’s where they make the mistake.
What Can I Do to Make Money in Retirement?
Not everyone has to depend solely on their retirement account when they retire. There are other sources of income that can help out. Whether you are set up to receive a pension, have rentals, loyalties, inheritance, social security or annuities, there are many ways that you can earn money when you are retired. The problem with many of these sources is the fact that you don’t usually know how much money they are going to give you until you are at the point where you are depending on them. This is why it’s so important that you save and prepare with your retirement account. Then these other sources are just helping you even more as you attempt to maintain your same lifestyle.
Financial Planning & More in Summerlin, North LV, Henderson, Lone Mountain Village & Greater Las Vegas, Nevada
It is best to meet with your accountant to help you plan for the future and save for your retirement years. At Mark Dicus & Company, we can help address your concerns and discuss the topic further. Whether you are interested in investing or just need help in financial planning, you can count on us to help. Call us today!