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Are you saving enough for retirement?

by , 23 October 2014

How do you know if you're saving enough for retirement? That's a tough question to answer. Because no one can tell you how much you need to save - it largerly depends on your lifestyle, current income, and on your future plans for retirement.

One thing is for sure: most people postpone saving for retirement, thinking they will have plenty of time to save later, and instead focus on living well in the present. This is not the best approach, as the longer you wait to save for retirement, the harder it will be to catch up on your savings.

Some financial planners recommend you save 10 to 15 percent of your current income for retirement, however every case is different and you may have to save more or less than that in order to enjoy life in retirement.
 
Since you can’t predict the future, you need to be prepared financially for the worst case scenario. That’s why it’s important to start planning and saving for retirement in your 20’s or 30’s. The sooner you start saving, the better.
 
It’s up to you to create a comfortable retirement for yourself. You need to take all the necessary measures to ensure that you will have enough money to retire. Seeking the assistance of a financial planner is useful, especially when you want to know how to invest your money for best results.
 
The first step would be to determine how much money you need to save each year in order to reach your retirement goal. Then, it’s time to make the necessary adjustments to make sure that you can save that amount. This may mean reducing expenses wherever possible and sticking to a budget to avoid overspending.
 
Make saving for retirement a priority and treat it as such. Automate the savings so you don’t have to worry about forgetting to make a deposit or having no money left at the end of the month.
 
Diversifying your portfolio as you reach retirement is also important. You can divide your portfolio among bonds and stocks (about 70% in bonds), and other types of investments, in order to spread the risk.
 
Regularly reassess your retirement savings and determine if you are currently saving enough.
 
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