Good Lifestyle

That you simply start in your career or starting to turn things after working for decades, it's never a bad time to think about how you plan to finance your years of work once you have retired. In fact, sooner you start thinkingand plan-Your golden year, the better. And although there is no success recipe or a magical amount of money that is the key to a happy and financially stable post-work existence, there isSome general guidelines For how much you should save for retirement by some points in your life that the experts are worth to be followed.

Using the recommendations of Fidelity and Ally Bank, as well as ideas of a number of financial experts, GobankRates recently broke the amount of people who should have saved for 30-year-old retirement, 40, 50 and 60. Read at Discover how much would you have to saveyour age, as well as tips and traps to prevent it from will help you along the way.

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How much you should have saved: Equal to your annual gains

According to GobankRates, the Fidelity and Ally bank says that when you reach the age of 30, you should have an amount equal to your current annual salary. So if you earn $ 75,000 a year, you should have $ 75,000 saved for retirement. To do this, it is important to start defining money as soon as you start your career, let's say experts.

"When starting your career, commit to automatic savings of 20% per year in your 401 (k). This will discipline you from living and giving the remaining 80%,"Jason Parker From Parker Financial in Seattle, said GobankRate.

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How much you should have saved: Three times your annual gains

While having three times more than your annual salary saved at the age of 40 may seem like a difficult task, the experts say that it is completely possible, as long as you start early and you do not make any errors too common .

"The most common mistake is that people leave their expense increase to the measure of their new salary",Robert R. Johnson, PhD, professor of finance in the Heider College of Business of Creighton University, told GobankRate. "For example, people are moving in a large apartment or buy a more expensive car or a house to reward for recovery."

The Smart Thing, Johnson says, would be to invest as long as your new salary increased, outside at least a portion of it. "Suppose we receive an annual increase of early $ 5,000 in his career. If you just invest that $ 5,000 a year in an investment account increase at an annual rate of 10%, you will have accumulated more than 822 $ 000 in 30 years, "he said.

How much you should have saved: Five times your annual income

Chances that you can find yourself as you have dropped when it comes to meeting this target goal for the age of 50. After all, tuition and other expenses that come with children are just some of the things that can prevent you from saving as much as you 'd like. But that does not mean you have to panic.

According to GobankRate experts, you can do things to recover on the track - make an additional contribution to a tax-advantageous retirement account to reduce your home and reduce your monthly mortgage payment.

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How much you should have saved: Seven times your annual gains

In addition to seven times your annual gains saved at the age of 60, it is also time to make a real effort to minimize your debt to seize the pension of the minimum amount possible.

In addition, Johnson recommends talking to your financial advisor to reduce the level of risk in your retirement accounts. "A significant slowdown on the market immediately retirement can have devastating effects on the standard of living of an individual retirement," he told GobankRate.

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