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Welcome to NerdWallet’s SmartMoney podcast, the place we reply your real-world cash questions — in 15 minutes or much less.
This week’s query is from Alison M. She asks: “Dayana and Sean, I’ve been placing away 10% of my revenue into retirement for the previous 12 years, however am undecided if I’m saving sufficient. Am I on monitor for a snug retirement?”
Goal to save lots of no less than 10% to 15% of your pre-tax revenue. That’s what most specialists advocate, and it’s a superb place to begin on your calculations. Think about that should you’re in a position to save 15% of your paycheck, you’ve gotten accustomed to dwelling on 85% of your pay. That’ll make the transition right into a decrease revenue in retirement appear lots much less extreme.
Run the numbers to see how your far your present financial savings will take you. We’ll do the heavy mathematical lifting for you with NerdWallet’s retirement financial savings calculator! Based mostly in your present age, revenue, financial savings and a bunch of different components (deliberate retirement age, life expectancy, funding development), learn the way a lot it’s good to save on your golden years:
Little or nothing saved for retirement? Take the “Hail Mary” strategy. You’ve got a couple of choices right here. To start out, chances are you’ll must redefine retirement. That may imply working half time. And when you’ve got a home, think about tapping its worth. Moreover, yearly you may delay taking Social Safety previous age 62 provides about 7% or eight% to your annual advantages.
Extra about retirement financial savings on NerdWallet
NerdWallet’s retirement planning information
Greatest IRA accounts of 2019
Let’s get actual: What a mean retirement prices
A Hail Mary retirement plan for these with nothing saved
When can I retire?
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