How Much Should I Save For Retirement? || Is 15% Enough?
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- Äas pĆidĂĄn 21. 07. 2024
- How Much Should I Save For Retirement? || Is 15% Enough?
Are you worried about how much money you should be saving for retirement? You're not alone. It's a common question that many people have, and it's important to get it right. In this video, we'll discuss how much you should be saving for retirement and whether 15% of your income is enough to retire.
First, it's important to understand that the amount you need to save for retirement will depend on several factors, such as your current age, your desired retirement age, your lifestyle goals in retirement, and your expected expenses in retirement. As a general rule, financial experts suggest saving at least 10-15% of your income for retirement, but some suggest even more.
So, is 15% enough? It's a good start, but it might not be enough for everyone. If you started saving for retirement early in your career, 15% could be enough. However, if you're starting later in life or have a more expensive lifestyle, you might need to save more for retirement.
In summary, saving for retirement is important, and it's essential to understand how much you need to save to reach your retirement goals. While 15% is a good starting point, it might not be enough for everyone. Be sure to evaluate your lifestyle goals, expected expenses in retirement, and retirement age when determining how much to save for retirement.
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Drew Blackston, CRCÂź & RFCÂź
Office: 813-807-5060
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If you do more than 15 percent earlier in your career then you can save 10 percent or less later on in your career. Compound Interest is a beautiful thing.
Itâs a beautiful thing!
Anyone can and will retire, with millions or nothing. The question is how comfortable your retirement would be.
Very true!
You must invest for retirement. Saving is one step forward but two backward. Delay gratification and invest for the long run.
Good stuff. Unfortunately that only works if you start young or contribute more.
True Danny. Would have to contribute more if you start late.
Nothing can take into account inflation now. Just spend less, especially on anything that is obviously price gouging
Exactly!
Easier said than done on daily essentials or house/car repairs.
@@GTRrocker84 I was thinking about my local food establishments and the ridiculous prices they charge. People will continue to overspend on things they don't need. It's built into the system .
80% replacement costs... ROFL.. Always laugh at that. We need 35% of gross income as replacement cost.
Bob, that is awesome!
agreed... we need about 20-25% ...any time i hear what you need saved , as a percentage of income , i want to scream...some make 200k and save nothing while others make 60k and save 20k every year...income doesnt matter at all .... ALL THAT MATTERS IS EXPENSES
I have gone thru 2 market crashes, that really messed things up. Can you please do a talk on annuities? I have TIAA-Cref and they have that nice annuity, which is really confusing.
Iâve talked about annuities when doing planning and they are a tool to be used within a comprehensive plan. Keep an eye out for more videos!
Save 15% of your gross income. đđ. Taxes take roughly half of your gross income. So figure out how to live on roughly 1/3 of your income. That's doable. đ
What tax bracket are you in where half your gross income is gone in taxes? Also, are you in a high tax state?
@yourfinancialekg Indiana. Federal , State , County. All take a piece. I also add another 50.00 in taxes every pay period. To avoid a tax bill in the spring
Good point. 3.23% is state tax. Federal is probably 12-20%. So youâre probably pushing 25% total. Itâs tough to save, I know!
@yourfinancialekg my mistake...gross- pretax deductions, taxes, and after tax deductions. I forgot to include my Roth 401k contributions which make up the bulk of the deductions , and a small bit for dues. My apologies been a long hot day.
No apology needed. Iâm here to help!