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Money Myth: Save 10% For Retirement
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In this episode, I discuss how much you need to save and invest for retirement. How do you calculate how much you need in retirement funds? What factors impact how much you need to save and invest for retirement? What one thing should you watch out for that can drastically reduce how much you have in your retirement accounts? Listen to find out.
Action Steps:
1) Determine Your Retirement Goal Number. Take the annual income you need in retirement and multiply it by 25 to get your goal number.
2) Figure Out How Much You Need to Contribute to Reach Your Goal. Go to this retirement calculator and enter in your current information and then change the monthly contribution amount and rate of return to see how much you need to contribute to reach your retirement goal number from Step 1.
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