Many clients wonder how much to save for retirement. That is a tough question, which depends on when you retire and what type of retirement you wish to have. Retirement can last a long time, so the more money you save, the better off you will be.
For only $149, Capital Budget Strategies, LLC, Austin’s best Financial Coach, will work one-on-one with you to create a personal, monthly Budget, set up an Emergency and Survival Fund, determine your Net Worth, review your spending and saving habits, assess your banking accounts, review your credit score and set up a Snowball Debt Repayment Plan, if needed.
Our Austin Financial Coach meets with you via Zoom Video Conference, so you do not have to leave your home or office. We are available 7 days a week and request the attendance of a spouse, partner or anyone who shares your financial responsibly. These sessions are intense, so be ready! Please expect to spend about 4 hours online.
So, how much to save for retirement?
Suppose you want to retire at 60 and the average life span in the US is 90. That means you will have to create savings to support you for 30 years. Of course you may obtain an inheritance, have a government of military pension and obtain social security, but you still need plenty of cash to enjoy your later years.
Most financial advisors suggest saving at least 15% of your gross income, which is the money you earn before taxes and other deductions. So, suppose you earn $75,000 a year and get paid twice a month (or 24 times a year). We suggest you save at least $11,250 annually or $468 per paycheck. The 15% can be a combination of all your retirement investments, such as a 401(k) plus money placed into a personal ROTH IRA.
The Money Coach at Capital Budget Strategies, LLC, will provide an unbiased assessment of your current financial situation and provide suggestions on how to win your retirement!
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