The majority of the millennials today are starting to save compared to their Gen X counterparts. With this in mind, millennials will have retirement savings that will accumulate to $50,000. Read more to see retirement savings tips to save more.
Retirement Savings Tips To Save More…
By starting early with savings and setting aside a sizeable amount of your income, you can definitely have a comfortable retirement. In a trend reported by Go banking rates, the younger generations are reported to start planning on their retirement.
Experts advise saving at least 15% of your salary per month. Along with that, a study had been conducted about comfortable retirement, the result suggests to have at least $1.7 million for retirement savings
Additionally, estimates of how much you’d need to retire comfortably now top the million dollar mark. According to a Charles Schwab poll conducted in 2022, employees believe they will require $1.7 million for retirement.
Are You Ready For Retirement? Here Are Retirement ; Savings Tips To Save More…
Here are Retirement Savings Tips to save more from the Department of Labor to help you out:
Begin Saving, Continue Saving, And Adhere To Your Aims
If you are currently setting money aside, continue what you are doing! However, if you’re not saving just yet, you should get is started. Begin modestly and work toward increasing your monthly savings rate. The earlier you begin the longer you let your money to develop through saving.
Make retirement planning a top priority. Make a plan, follow it, and establish goals.
Keep your retirement funds untouched.
In the event that you take out your retirement funds today, several factors will be affected. You will have the risk of losing the principal and the interest which may have penalties that will cost you more.