Imagine being 80 years old and unable to pay your rent or buy groceries because you don’t have enough money. Scary, but it happens. That’s why it’s extremely important to get started planning for your retirement today. Whether you’re 20, 30, 40, 50 or 60 years old, putting away some money now will help make sure that you can live well as you age. The sooner you start saving, the more you’ll have available when the time comes.
To see if you’re on track for your retirement:
- Figure out how much cash you think you’ll need to live – consider things like food, rent, travel, and so on. Keep in mind that health care expenses often increase a lot as you age.
- Calculate how much cash your current retirement savings will give you.
- Figure out how much more you need to be saving and start an automated savings plan.
- A Certified Financial Planner can assist you in creating a retirement plan. Many banks offer this money management service free of charge. Check with yours to see how they can help you.
