How Much Should You Be Saving?

6a017c332c5ecb970b0192ac05f306970d-320wiA recent survey by the Employee Benefit Research Institute reveals that 20% of respondents believe they should save 20% to 29% of their income for retirement.

That might be right.

For example, a 50-year old who makes $120,000 per year abd saving 20% or $2,000 per month will have $619,548.45 at age 67 (this includes a starting balance of $10,000.00 and a 4.25% annual rate of return).

What would saving 20% mean for you? You can find out with this calculator.

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Retirement Planning and The Fiduciary Standard

6a017c332c5ecb970b01901dd12617970b-320wi“Will your interest be placed first?”

There are lots of good brokers and investment advisors, but it’s up to you to ensure your interest is protected. Although there are no guarantees, one way of mitigating the risk of conflicting advice is to have your financial advisor sign the Prospective Client Disclosure Form developed by the Center for Fiduciary Studies.   You can Download PROSPECTIVE CLIENT DISCLOSURE FORM here. Continue reading