Many consumers asked themselves every day whether they have enough money saved for retirement. Am I on the right track for retirement? They are struggling to pay the bills, look after their families, save for emergencies, and save for retirement. They really want to know how much money they need to have to live comfortably during their retirement years. There are many options with respect to retirement. Including living independently, living with friends, and moving in with the kids.
So economists feel that you should have 1.4 times your annual salary set aside by age 35, 3.7 times by age 45 and 7.1 times by age 55. This can be a great deal of money for many people. For example at age 35 if you make 50,000 a year you should have $70,000 saved for retirement. At age 55 you should have $350,000 saved for retirement. But starting at a young age to begin saving and allowing the income to be reinvested these numbers are achievable.
Am I on the right track for retirement
What can you do to verify your retirement programs progress
There are a variety of steps that you can take to assess how you’re doing relative to your retirement plan. For example start off with reviewing your retirement investments and asked for a projection of what these investments will be at various age levels. Secondly find a good retirement planning tool that allows you to input your savings, your anticipated savings and your expenses at retirement age. You should also be able to enter all of your income from pension, government support and your savings into this plan.
Once you’ve completed your initial plan you will get an assessment of whether you have enough money set-aside for retirement and what your retirement will look like. The next step is to make adjustments in real life in terms of working longer, earning more money, saving more money, or reducing your overall expenses to enable you to have the type of retired life that you would like to have.
It is this self-assessment that can make the difference in achieving the quality of life that you would like to have during retirement. Don’t wait get started now with a savings plan and also analyzing your retirement future regardless of what age you are right now. The sooner you do it the better off you’ll be.