The sooner you start saving, the more time your money has to grow. Check out the chart that illustrates how big of an impact early savings habits can have. Remember, it’s never too early or too late to start saving.
Start Saving Early – This hypothetical example illustrates your savings growth based on saving $5,000 every year with an interest yield of 7% annually.
A common calculation for determining how much money you’ll need in retirement is roughly 70% of your pre-retirement income. Now this can fluctuate depending on many factors like; will your mortgage be paid off by the time you retire? Will your lifestyle change once retired, will you travel more? Be realistic and review your current expenses and determine how they’ll change once you’ve entered retirement.
At Old Security Group, helping you achieve your vision for retirement is our number one goal. We work closely with you to objectively assess your individual retirement strategy, and help provide solutions tailored to your needs. Read More.
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