For many, retiring seems like worlds away — which may be why only about 37% of Americans who work have figured out how much money they should save before retirement.
If you find yourself among the remaining 63% who don’t know how much they need to save for their retirements, there has never been a better time than now to start saving. With the help of a certified financial planner, you can learn how to successfully save for what should be the most relaxed years of your life.
Here are the top four reasons why you should start saving for your retirement now:
1. There are less financial resources available for retirees: For a long time, most retirees could count on their Social Security checks and pensions to live off of. However, most companies no longer offer a pension. A certified financial advisor can help you save enough to live a comfortable lifestyle during your retirement.
2. Your retirement will be longer than those of previous generations: Americans are now living longer than ever. As a result, people who retire at 62 (the average age of retirement) can be retired for three or more decades. It’s important to make sure you have money saved up to last you throughout your retirement, which a certified financial planner can help you do.
3. You don’t have to go broke by saving: Ask any certified financial planner, and they’ll all tell you that you don’t have to save your entire paycheck for your retirement fund to grow. If you start saving at a young age, you will probably only have to put about $50 toward your retirement each month. Talk to a certified investment advisor to learn how much you should be saving each month.
4. The earlier you start, the more money you’ll have: Today’s certified financial planners are advising people to start saving as early as their 20s. This is because the earlier you begin saving, the longer time your money will have to grow. For example, if you save $3,000 a year starting at age 25 for 10 years and then stop, you will have grown your savings to $472,000 by the time you turn 65. Working with a certified financial planner can help you get started on tax planning, saving and growing your funds.
About 6,000 Americans turn 65 every day, but not many will have saved enough money to be able to retire comfortably. Make sure you enjoy the best years of your life by saving for your retirement with a certified financial planner now. To see more, read this.
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