How Much Should You Save for Retirement? Fort Worth Financial Advisor's Advice
Many people get intimidated by the idea of retirement planning—and with good reason. With so many bills you need to pay at the present, it can be hard to think about saving up for the future. For instance, you could still be paying off your student loans or setting up your kid for college. It’s understandable to have priorities as part of your daily living, but retirement planning is just as important. So how much should you be saving today? Here are some tips from a Fort Worth financial advisor.
What Is Your Saving Benchmark?
There is no “one size fits all” number when you’re saving for retirement. People have different income brackets, assets, lifestyles, dependents, and other factors that could tip the scale. But instead of blindly guessing how much to set aside for retirement, you can have a benchmark. This benchmark isn’t meant to replace a comprehensive plan drawn up by your Forth Worth financial advisor. It’s a quick way to see if you’re on track or whether you should be saving more. Keep in mind that a benchmark should be realistic in order for it to be useful.
How Much Should You Be Saving Relative to Your Age?
A Fort Worth retirement financial advisor encourages people to start saving at a young age, as early as in their 20s. This doesn’t mean that you should have a retirement fund as soon as you join the workforce. A good benchmark is to start saving by the age of 25. Experts recommend saving 6% to 15% of your gross income during your 20s, with the percentage increasing as you get older. By the time you’re 35, you should have saved 1x to 1.5x of your gross income. When you reach 50, you should have saved 3x to 6x your gross income. 65 is an ideal retirement age for most, and by this time, you should have saved around 10x of your gross income.
How Can a Financial Advisor Help?
Benchmarks can help you stay on track of your retirement goals. However, if you want to attain the highest level of comfortable living, you can benefit from a Forth Worth financial advisor. They can help you make informed decisions in every aspect of your retirement planning, including investment management. Your financial advisor can provide tools and resources that will allow you to maximize your different sources of retirement savings.
Consult With a Fort Worth Financial Advisor Today!
At Retire Guides, our goal is making retirement possible for our clients. Our Fort Worth financial advisor can help you plan out your retirement roadmap in a personalized manner. It can be overwhelming to navigate your retirement, but we’ll be there to provide valued knowledge. Your retirement destination is within your reach when you work with Retire Guides. Let’s make your retirement dreams a reality. Contact us today to get started!