5 scary statistics that will make you start saving for retirement
Saving for retirement is your ticket to living easy in the future. But, we all know saving for retirement is easier said than done because it’s hard to imagine actually retiring these days. If these five retirement statistics don’t scare you into saving, I don’t know what will!
Save One Year Of Salary By Age 30
According to Fidelity, by the time you’re 30 years old, you should have saved at least one year of your salary for retirement. By the time you’re 35, you should have saved twice your annual salary, and three times by age 40. At age 67, you should have ten times the amount of your salary saved— that’s a lot of saving!
You’ll Need $1 Million For Retirement
Do you know how much money you’ll need to live on when you retire? About 81 percent of Americans have no clue how much they should be saving for retirement to be able to live comfortably. No, you can’t predict the future, but if you have the means to start saving, start now! Your goal should be $1 million.
Low Average Family Savings
No one wants to work forever, which is why you need to work towards saving $1 million for retirement as soon as possible. According to the Economic Policy Institute, families 50 to 55 years old saved an average of $124,831 for retirement, which is significantly lower than the recommended amount.
21-32-Year-Olds Have Nothing Saved
A whopping 66% of employed people ages 21-32 have nothing saved for retirement. Remeber— by age 30 you should have one year’s worth of your salary saved already. One in three baby boomers (people born between 1954 and 1964) have $25,000 or less saved for their retirement. Do yourself a favor and start saving!