I make 2890.00 gross a month. How much should I be putting in retirement account per month. I am 44 years old

Answer 1

Type "retirement calculators" into your browser. There are several financial institutions that offer free software to help you figure this out. Best to try several versions and scenarios and average the answers.
You can contact the Social Security office and they will tell you how much you will be paid based on previous earnings if you retire at 62, 66, or 70. That probably won't be enough to support you, but will be a base amount you can add to your personal savings.
Check with your employer and see if they offer any kind of matching funds for retirement accounts. If they do, take full advantage of the program, that's free money.
Finally, try to ballpark in today's dollars how much you need in order to live. (Financial planners will tell you it's roughly 70%-80% of your current budget.) That number, minus Social Security, is how much your retirement investments need to throw off each month.
It would be worth going to the library, there are shelves of books to help you find ways to maximize your savings, Roth IRA's, all sorts of things. Your goal should be to harness the power of the stock market to earn more money than savings accounts. Look for a brokerage that allows small accounts and really do your homework looking at their fees. The amounts they charge vary widely.
If possible, have the money deducted from your paycheck so that the money goes to retirement as painlessly as possible. Promise yourself that you will committ a major portion of future raises to retirement. Look at ways to earn money on the side, and dedicate all that income to retirement. Ideally, this should be a business that you can do part-time into retirement to help suppliment your income and allow your investments to grow as much as possible.
If you feel you need additional help, invest a couple of hundred dollars in a FEE ONLY finacial advisor. (Some advisors work on commission for financial instruments they are trying to sell. You would be best served by someone who works for you. Be SURE to check their credentials and get references for anyone you do use.)
Starting saving for retirement at this point will be require more resources and effort, but better late than never.

Answer 2

Depends on your individual circumstances. For every 1000 you put in your account you will earn about 2600 in 20 years. This is at 5% inflation. If you can get a better interest rate, the 5% is probably about what you can make after inflation. So in a good market, You would have 2600 a month at age 65 if you put 1000 a month in your account now. If you continue to put 1000 a month in your account, each 1000 will be worth about 2600 20 years from that date. So if you put a total of 12000 in your account at age 45, you would have 31,200 for the year at age 65. For age 46, you put 1000 per month (12000 per year) which will become 2600 per month (31200 per year) for age 66. And so on, contributing 1000 per year for the rest of your life just in case you live 20 years past that time.

Put more in when you can because of unforseen expenses such as medical costs and a better standard of living. After deducting 1000 from 2600 there is only 1600 left, not much for many parts of the country.

Also consider other things to make your retirement easier such as paying off a mortgage so you have a cheaper place to live and paying off debt so you don't have to worry about it.

Good luck, I hope I made sense

Answer 3

360 per month if you aim to retire at 65

Answer 4

the quantity of funds I put in reductions varies each and every time I make a deposit. One month it must be $50 the subsequent it must be $2000. It in simple terms relies upon on how effective i've got been.

Answer 5

Standard is 15%. For you:$433.50.