I need a goal to shoot for, but have no idea how much we really need to be saving.
2006-10-05 07:50:57 · 6 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
If you start saving at age 21, you can have $1 Million by age 65.
The later you start the more you have to save to CATCH up
The general rule is put saving on auto-pilot, save at least 10-15% of ypur salary. Buy assorted CD's, stocks, Bonds, mutual funds--do not speculate. Buying Rental Real Estate is a very good idea.
2006-10-05 07:52:40 · answer #1 · answered by god knows and sees else Yahoo 6 · 0⤊ 0⤋
I heard a simple explanation from David Bach for saving for retiremetn.
1x your income at 30 2x at 40 3x at 50
I think that is a little simplistic but it is really different for people-it all depends on upon expenses and income. We save 15% of our income but I wished we saved more when we were younger for retirement because compounding really does work.
2006-10-05 11:47:53 · answer #2 · answered by T O 3 · 0⤊ 0⤋
Goals need to be set according to your income and expenses. You should be saving approx 30-40% of your income in order to sustain your lifestyle after retirement.
2006-10-05 07:52:46 · answer #3 · answered by BlondeBarbie 4 · 0⤊ 0⤋
It really does depend on your income and it also depends on what you want to do with the money. I would say, try to save about the amount of money you ern in a year or two.
Have fun saving :)
2006-10-05 07:54:50 · answer #4 · answered by onlinematthew 2 · 0⤊ 0⤋
Try the calculators at this web site
http://moneycentral.msn.com/investor/calcs/n_time/main.asp
2006-10-05 08:30:22 · answer #5 · answered by Julie 3 · 0⤊ 0⤋
You can lose it all at some point. It happened to me.
2006-10-05 07:53:01 · answer #6 · answered by Anonymous · 0⤊ 0⤋