5 Retirement Mistakes You Absolutely Need to Avoid

The amount of money needed for retirement depends on factors including lifestyle, age, and health. Generally, experts suggest that individuals should aim to live off of 80 percent of their final pre-retirement salary. Someone who made $100,000 per year at retirement, then, should have enough saved that they can comfortably spend $80,000 per year when they leave the workforce.

To achieve this figure, it is critical to start saving money as early as possible. Fidelity, for instance, suggests workers should have an amount equal to their annual salary set aside by age 30.

But despite the wealth of retirement planning resources and support available to workers, a 2019 survey conducted by GOBankingRates found that 64 percent of the 2,000 respondents were unprepared for retirement and had less than $10,000 in designated savings accounts. The COVID-19 pandemic and its economic implications, meanwhile, has made retirement planning and saving even more difficult for many A

The amount of money needed for retirement depends on factors including lifestyle, age, and health. Generally, experts suggest that individuals should aim to live off of 80 percent of their final pre-retirement salary. Someone who made $100,000 per year at retirement, then, should have enough saved that they can comfortably spend $80,000 per year when they leave the workforce.

To achieve this figure, it is critical to start saving money as early as possible. Fidelity, for instance, suggests workers should have an amount equal to their annual salary set aside by age 30.

But despite the wealth of retirement planning resources and support available to workers, a 2019 survey conducted by GOBankingRates found that 64 percent of the 2,000 respondents were unprepared for retirement and had less than $10,000 in designated savings accounts. The COVID-19 pandemic and its economic implications, meanwhile, has made retirement planning and saving even more difficult for many A

Originally published at https://www.robertmryerson.net on June 7, 2021.