How much do you need to save for retirement? Rather than picking a number out of thin air, $1 million for example, find a number that will actually support the lifestyle you envision.
Begin by imagining your daily routine: Where are you living? Are you still in your current home? Will you travel more, or help family financially? Once you visualize it, you can estimate what that lifestyle will cost and start building toward it.
Here are five tips to get the building started:
- One: Start saving as early as you can. Even small amounts can grow significantly over decades.
- Two: Live below your means.
- Three: Keep your debt under control and pay down high interest debt that slows your progress.
- Four: Invest consistently and increase your saving when your income rises.
- And five: Look for chances to boost your income, perhaps through new skills or side work.
The planning you do today determines the retirement you’ll live tomorrow.
This content was provided by Edward Jones for use by Maggie Schoepski, your Edward Jones financial advisor at 507-867-1460. Member SIPC
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