Everyone in Austin wants to retire, right? I know some people just want to work forever (no me!) and others feel they will never retire. Trust me, it’ll be here before you know it.
Austin’s Best Financial Advisor and Money Coach at Capital Budget Strategies, LLC, an inexpensive, flat-fee service, has an easy way to make a quick estimate on how your retirement savings stack up to recommended totals.
It is estimated that retirees live on 80% of their final salary.
Therefore, it is easy to figure out where you should be at different stages of your career. This is just an estimate, so don’t get too smug if you are over the average and don’t get too discouraged if you are below.
Just keep saving at least 10 -15% of your salary, pay off debt, destroy your credit cards and create that Emergency Fund.
Remember, for only $149, Capital Budget Strategies, LLC of Austin will help you organize your finances, set up a personal budget, an Emergency Fund and design a Snowball Debt Payment Plan so you can be debt free way sooner than expected!
The Quick Estimate on Retirement Savings is simple. Based on your age, you should have a recommended amount saved in retirement savings. Starting at age 30 you should have 1 x Your Current Salary. Then use these recommendations:
AGE (RECOMMENDED RETIREMENT SAVINGS)
30 (1 X CURRENT SALARY)
35 (2 X CURRENT SALARY)
40 (3 X CURRENT SALARY)
45 (4 X CURRENT SALARY)
50 (6 X CURRENT SALARY)
55 (7 X CURRENT SALARY)
60 (8 X CURRENT SALARY)
67 (10 X CURRENT SALARY)
So if Jane is 50 years old and makes $110,000 a year, she should have an estimated retirement savings total of $660,000 (6 × $110,000 = $660,000).
Good luck! You can do it! Happy dreaming about retirement!
Contact Capital Budget Strategies, for help. We’ll come to you!
Question or Comment? Enter it below.