Retirement: “Here’s how much money you should have saved by age 50”
October 3, 2020
“Although this guideline includes your retirement contributions and your investments, in addition to any cash savings, for many it can still be a difficult goal to reach. In a 2020 TD Ameritrade report, surveying 2,000 U.S. adults ages 40 to 79 with at least $25,000 in investable assets, nearly two-thirds of 40-somethings have less than $100,000 in retirement savings…
In the decades before retirement, start helping your kids step towards financial independence. As they do, focus intently on your savings so that you can get as close as possible to having 6 times your income set aside by age 50. Make an effort to continue living within your means so that, as your income increases, your spending stays the same — leaving more to go toward your retirement contributions each year…”