Money Matters: How to Prevent Top 5 Financial Regrets, Not Saving for Retirement #5
This post is from our friends at Learnvest.com and offers a great deal of information on how to avoid the top 5 Financial Regrets. This week, We focus on NoT Saving Enough for Retirement. The past four weeks, we examined Habitually Overspending, Inadequately Saving, Buying a House, and NOT Buying a House. That brings us to the final of the Top 5 Financial Regrets:
- Habitually Overspending
- Inadequately saving
- Buying a house
- Not buying a house
- Not saving enough for retirement
When reading through these regrets and solutions, make sure to keep in mind what’s right for you in your situation. People are different.
5. Not Saving Enough for Retirement
No matter how far (or near) your retirement is, if you intend to maintain your current standard of living without bringing home a salary, you’ll need the funds to cover your living and entertainment expenses, not to mention medical or family emergencies, which become more common as we grow older. The easiest way to have that money when you need it? Start putting it away NOW.
How much should you allocate to this goal? About 20% of your salary should go toward your financial priorities, which include retirement, debt payment and other savings.
How to Keep It From Happening: Save, save, save. We cover the basics of what you need to know about 401(ks), IRAs and more here, and for more information we have an entire section of the Knowledge Center devoted to retirement. Not sure where to start? Begin with our checklist: I Want to Save for Retirement, which will walk you through everything you need step by step.
Here’s to no more regrets.
- Top 5 Ways to Manage your Money after Retiring (cashnetusa.com)