At 20S – you say “two soon!” At age 30S – you say “What do I want?” At 40S – you’re like “I want to!” And at age 50S – you’re saying “it’s too late!” That’s the journey an average man goes through while thinking about investing for retirement.
Are you behind saving for retirement? If you have no idea what is considered a “back”, then you need to increase your effort to make the nest egg. A June 27 Government Accountability Office analysis found that the average American retirement savings for 3- to 7-year-olds is $ 104,000. Feeling too loud? No, when you find out that if you buy lifetime annuities with this amount, this amount will only change to a monthly payment of 10 310.
Whatever age group you are in, serve it as a wake-up call to take your first step toward investing in retirement. You don’t want to work until the last day of your life and you don’t want to stop working enough to retire. The purpose of the catalyst is to help you decide where you need to be at different stages of your life and how to get there.
Let’s take a look. If you’re in your 20s
30s 40s or 50s – What is the game plan?
Here this is really cool. I think this
helps people and also maybe might
motivate you to take action a little bit
more. Let’s say you’re 30 years old,
you want to have at least one times
your salary saved. So if you’re making
$50,000 a year ,you want to make sure
that you have 50 gramme in the bank.
Let’s jump up to 45. You want to have 4
times your annual income saved. Once you
get into your 60s, right, that’s 8 times. That’s a huge number! And you know,
procrastination is probably one of the
key components of why people are not
necessarily successful, but at least this
put you in the… I mean one of the
biggest questions Al and I I get is, “Am I on track? How do I compare to other people that you see?”
Well this is a good idea to take a look
at how much money are you
making, multiplied by those factors, and
then that’s going to get you in the
ballpark. Right? Because I think a lot of
times it’s just simple arithmetic. How
much money do I need to maintain the
lifestyle that I want long-term? Most of
you don’t have enough. We’re not here to
put fear in you. We want to make sure
that you’re responsible to look at, “Hey,
how much do I need?” To give you the
confidence to do all the things that you
want to do in retirement.
Hey, Joe, why don’t we do kind of a simple
example of let’s say some different ages.
Perhaps your age 40 or 50 or 60.
Let’s say you have $50,000
saved. Let’s say you want to reach that
goal. Well, how much do you need to save
per month to be able to do that? In this
slide it’s showing you $179 per month
if you’re 40. Look what happens if
you’re in your 50s. $862 dollars per month
and if you’re 60 you got to fast track this.
That’s $3,875 per month.
That’s of course at a 7% rate of return and
assuming that you retired age 67. Just
four grand a month. Oh yeah, no problem.
That does show why you want to start as early as possible when you’re saving.