Automatically saving a percentage of your salary can be an easy way to save for your retirement.
As a rule of thumb, most financial advisors suggest you save 10% to 15% of your earnings.
Here's a case study assuming you start with no savings, plan to retire at 65 and have investments that earn 6% annually.
If you want to retire with $500,000, you'll need to invest about 9% of a salary of $35,000 starting in your 20s. Waiting until you're older will require a larger portion of your pay. If you wait until your 40s, then that number jumps to 25% of your salary. This does not account for variables such as pay increase or decrease, employer match, inflation or any other of life's curveballs.
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Watch this video to find out how much money you will need to invest to save $500,000 for retirement, broken down by age.
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