And once you nail a total in mind, actually achieving that savings goal can feel overwhelming.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
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Well keep it updated as offers changes or expire.
Maybe youve just celebrated your 35th birthday and realized its time to get serious about this retirement-savings thing.
And whether you hire professional help or DIY it, that means youve got some homework to do.
How Much Money Should You Have at Retirement?
Your specific retirement-savings goal depends on how you plan to live once you get there.
Do you want a modest retirement a simple life spent working on hobbies and passions at home?
Youll also need to multiply the yearly expense by how many years you think youll need that income.
(Yes, this means estimating your own death date.
Yes, its a bit morbid.)
How Much Should I Save for Retirement Each Month?
Finally, dont forget that this equation changes over time.
As you progress through life, youll (hopefully) earn raises and accumulate a nice savings cushion.
You may also change your retirement plans and decide youll need more or less income once you get there.
So be sure to revisit your retirement-savings calculation often.
Now comes the really hard part: actually doing it.
But thanks to the power of compound interest, those sky-high goals arent impossible to achieve.
Learn more at www.jamiecattanach.com.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
