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How much money should I save for retirement?

Everything I read says something different. I'm only 30 but I remember my grandparents living on just social security and having to barely scrape by. That's not what I want for myself or my family.
Status: Open    Mar 11, 2015 - 06:11 PM


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Expert Answers

Aug 19, 2015 - 09:34 AM

At your age it is difficult to arrive at an exact dollar figure for retirement, but you should aim to be saving between 15-20% of your income. The earlier you start, the more likely you are to have a comfortable retirement. I would recommend meeting with a financial planner in your area, preferably a CFP or ChFC, to take a look at the options available to you for savings that will be the best fit for you finanically. If you have a 401(k) with your employer you should first aim to max out your contributions there that your employer will match. The dollar figure you are aiming to have at retirement will also depend on the type of retirement you would like to have and your expenses going into retirement. Developing an ongoing relationship with a financial planner is a good investment to make sure you meet your goals.

APFM Staff Answers

Sep 08, 2015 - 01:37 PM

There are a couple of financial and retirement planning articles on the A Place for Mom blog that you may find interesting:

5 Ways to Break the Rules of Retirement Planning

6 Financial Planning Mistakes to Avoid


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