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First, you’ll need to calculate your estimated retirement income. Many experts recommend 80 percent of your current expenses since some costs — like a monthly mortgage payment or commuting ...
That's the amount you need in your individual retirement account, 401(k) or other savings vehicle to close the gap of $2,000 a month. Like all the other numbers you project into retirement, these ...
To gauge whether you’re saving enough, Fidelity Investments recommends certain levels of retirement savings as you age. For instance, at age 30 you should have at least your annual salary saved.
Many financial planners use something called the 4% rule to estimate how much you might need in retirement. It was created in 1994 by a financial advisor called William Bengen.
The amount you need to save for each year past the technical full retirement age of 65 depends on several factors, including your lifestyle, location, retirement benefits and general savings plans.
(Use Bankrate’s debt pay-down calculator to figure the fastest way to get rid of debt.) On the other hand, if you’ve saved at least 10 percent of your paycheck over the past 15 to 20 years ...
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