Only 12% of retirees have the right amount of savings - are you?
There are retirement economy measures that you can take now to help you.
It is thought in the back of everyone: how much money should I save to save retire ? In many ways, this is a complicated question. What does it mean to "remove comfortably", from one thing? This could mean moving in a slower city, where rent is much more affordable. But others may dream of retiring near the water or in the mountains, in which case the cost of living will probably be higher. Whatever your plans, however, there may be an ideal amount of retirement savings to keep in mind.
In relation: 9 major signs that you are not ready to retire, say financial experts .
Regarding the amount you must have saved, there are countless factors to consider. Debt - be it credit debt, medical debt or mortgage - certainly between you are in play. You may be financially responsible for another parent or you want to contribute money to a university fund. Or maybe you feel like you need additional funds to travel. All these elements can and will affect your answer. That said, having in mind a data -based number and specific can be useful.
But what happens if we told you that only 12% of retirees really leave the job market with the ideal amount of savings? According to financial information Benzinga , Americans need $ 555,000 in savings to retire - and the average retiree does not reach this threshold. Benzinga data show that the average retiree in 2023 had only about $ 170,726 in retirement savings. This represents a decrease of 10% compared to 2022.
Interestingly, 37% of those who retired did so without any savings. This statistic is also increasing, having increased by 7% since 2022.
Starting a savings account when you are young is the key, let's say the retirees, many of whom regret not act earlier. According to Benzinga, 51% of people say they did not adequately prepare for retirement. Better money management and better understanding of the necessary quantity "for a comfortable retirement" are among the things they want to have done differently.
In order to pay the basic necessities such as grocery store and health care, 45% of retirees noted that they had to retreat on additional equipment, such as entertainment, travel and restaurants. The constant increase in inflation also had a serious impact on retirees, 44% find it difficult to afford the essentials. AE0FCC31AE342FD3A1346EBB1F342FCB
While you continue to build your own retirement savings, Benzinga says there are things you can do now to help you. These include starting a savings account early, making regular contributions, aiming to reduce high interest debt, create an emergency fund, delay social security services and contribute to the maximum to your retirement accounts. If in doubt, talk to a financial consultant to make sure you are on the right track.
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Best Life offers the most up -to -date financial information for high -level experts and latest news and research, but our content is not supposed to replace professional advice. Regarding the money you spend, save or invest, always consult your financial advisor directly.
