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One of the posts I recently came across shared tips and how to's for your retirement savings and I felt the need to share it with you.
The Simply Dollar states “Aim to build a retirement plan that contains 25 times the your annual salary amount."
Let's break it down: If you want a total income of $100,000 each year when you retire, you need to have $2.5 million in your retirement account.” Or if you want a total income of $50,000 each year when you retire, you need to have $1.25 million in your retirement account.
Ok, this may sound like a whole lot of mullah to save when I'm sure you haven't even toyed with the idea of retirement, but keep in mind the continual cost of living increase and market fluctuations and this is certainly a good base goal to strive for. Click for an easy to use 401k calculator
If you are in your early 20's you are lucky. START NOW. Your monthly deposit is minimal...if you are starting in your mid 30's you will have to contribute more if you want to retire at an earlier age.
The lesson of this story is simple. Start saving now. I don't want you to panic, I want you to plan. Make a choice, make a change and put yourself in a better position. Sure, those Jimmy Choo's you want are looking fierce, but a woman with a secure future looks ten times better than a broke joke in heels.
xo
Meems
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