What are some effective retirement savings goals I should consider?
It's great that you're thinking about retirement savings! A common goal is to save enough to replace 70-80% of your pre-retirement income.
How much should I aim to save each month?
A good rule of thumb is to save 15% of your income, including any employer match. Adjust based on your retirement age and lifestyle.
What if I start saving later in life?
If you start later, consider increasing your savings rate and possibly working longer. Catch-up contributions can also help.
Are there specific accounts I should use for retirement savings?
Yes, consider using a 401(k) or an IRA. Each has tax advantages that can help your savings grow.
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