From MarketWatch Picks: “An algo may see two people who look the same on paper, and choose to give the same guidance,” says bryanhasling of Modern Financial Planning.
Do you have enough cash saved to successfully leave the workforce? If your answer is no, then you’re likely not alone. As many as one in three workers say they don’t think they’ll have enough to retire, while another one in 12 suggest they may never stop working at all, a Retirement Industry Trust Association report found. So how much do you really need? Is there really a magic number?
“The amount one should save for retirement at every age can vary based on individual circumstances, goals, and lifestyle. However, here is a general guideline for how much you should aim to save based on your age: 3. In your 40s: Aim to save 15-20% of your income for retirement. Use this decade to catch up if you have fallen behind on your savings goals. Consider making catch-up contributions to retirement accounts if you’re eligible.
“When you’re faced with large life decisions, you need your own rule sets and values to follow,” he says, adding that “when it comes to savings, it’s only possible when you have more than what you need. Many in this world don’t have anything left to save because they never have extra, but if you do happen to have a strong income and the ability to grow that income, you might be wondering, how much you should save now, versus later in the future.
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