Live Retirement life without Financial worry, as 60% to 70% of Americans are on course to maintain their pre-retirement standard of living, according to the analysis from the Society of Actuaries Retirement Section and Committee. It published Post on Retirement Needs and Risks.
Those having better future include workers who participated in “employer-sponsored pensions” and “retirement plans” over the course of a 30-year career.
Based on Social Security Administration estimates, earning of people less than $21,000 are expected to receive benefits that will replace 59% to 81% of their pre-retirement income. It’s an important life skill to learn how to manage money.
“Carefully evaluate your budget to see if there is any regular expenditure that could be avoided.” Automate transfers into savings and retirement accounts can help alot.
An easy way to build that emergency fund is to have a set amount of money automatically moved from a checking account into a savings account each month.
One way is to evaluate how much to save by certain ages is to use a multiple of your salary as a benchmark. Fidelity Investments suggests having one times your salary saved for retirement by age 30, three times by age 40, six times by age 50 and 10 times by age 67.
Having automatic deductions that funnel money to a 401, a traditional IRA or Roth IRA each pay period can also support to those retirement funds.