Review: You’re probably not saving enough for retirement — and that’s OK

Review: You’re probably not saving enough for retirement — and that’s OK
Whenever people talk about how much you should save for retirement, there’s a pretty good chance that they’ll start talking about your retirement “number,” or how much you are supposed to have saved up by certain dates. This has always struck me as silly. There are so many variables that everyone’s situation is different. Not only do we have different retirement goals, but our career trajectories and the relative amount that we can save at different points in our careers are also different. Rules of thumb can be useful, but they often obscure more than they illuminate. As our own Wade Pfau says, “These rules of thumb have a lot of assumptions built into them.” Reporters like nice, neat case studies that tell you that this is what you need to do to reach your goals, but in reality, stories are never that nice and neat. Financial planning is messy, and it needs to be customized around your specific situation. You don’t need to worry about  sticking to a rule of thumb instructing you to have X amount times your income saved up in order to retire comfortably. What you DO need to worry about is the amount you need […]

Source: Retirement Researcher

Review: You’re probably not saving enough for retirement — and that’s OK

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