There are millions of different ways a person can get themselves to be financially-stable in retirement, but what is the ideal way? Through examining studies and compiling expert opinions, MarketWatch came up with an ideal timeline for retirement savings. Here it is.
- Early 20s: Start saving 10% in your 401(k).
- Late 20s: Have the equivalent of your salary saved by age 30.
- Early 30s: Continue contributing to retirement, but attack student debt.
- Late 30s: Have two times your salary saved by 35.
- Early 40s: Increase retirement account contributions, up to 15%
- Late 40s: Look to increase income through a new job, raise, or cutting expenses.
- Early 50s: Try to have four-to-five times your salary saved by 55.
- Late 50s: Add allowed catch-up contributions to your 401(k) and/or IRA.
- Early 60s: Don’t claim Social Security benefits until you absolutely need to.
- Late 60s: Begin withdrawing from retirement accounts, starting with taxable ones.1
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