Good Lifestyle

How much money doyou Need to retire? As you can imagine, the answer is completely relative and depends on your way of life, your means and many other determining factors. But if you have already wondered how your personal retirement goals are counted on most Americans' retirement goals, you're lucky. The financial investment management companyCharles Schwab Recently interviewed 1000401 (k) Participants chose a medium silhouette that most Americans believe you need socks to live their golden years in comfort. The answer?

This is $ 1.7 million.

According toNathan Voris, General Manager at Schwab Retirement Plan Services, it is "a very good number if you have a means of salary of age and media across the United States."

But here is the bad news: most of us are not on the right track to meet this goal.

The national survey revealed that approximately half (51%) of participants contributing only 10% of their salary or less to their 401 (k), which makes their average annual contribution of $ 8,788.

"The people we interviewed have a realistic target for retirement, but many are probably not on the right track to get where they want to go. It is important for anyone with a plan of 401 (k) to understand that They are already an investor, whether they realize it or not, "noted Steve Anderson, the President of the Schwab Retirement Plan Services. "Save your state of mind of" retirement backup "to 'Retirement"Can help you better understand that you participate in the market when you contribute to a 401 (K), and finally better help you achieve your goals."

Anderson suggestsstart early. For example, if you start putting 10 to 15% of your salary in your 20-year-old, you will probably be able to retire in a comfortable retirement when the time has come - thanks to the wonders of compound interest. But if you do not start before being in your 40-year-old, you may need to invest up to 35% of yourannual salary, who can be a challenge for most people.

"Any effort to put aside money for the future is worth it," saidCatherine Golday, the chief exploitation of Schwab retreated services. "That said, money for retirement has much more growth potential if it is invested in an IRA orHealth savings account, for example, only if it is placed in a regular savings account. Having access to more investment education could help participants get more investments, both inside and beyond their accounts 401 (k). "

For some excellent tips, get your savings on track, check10 things they do not tell you of retirement savings.

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