Joe & Al show you how much you should saving for retirement according to your age and salary.
Important Points:
0:11 “Let’s take a look at if you’re in your 20’s, 30’s, 40’s or 50’s – what is the game plan here?”
0:22 “Let’s say you’re 30 years old. You want to have at least one times your salary saved. So if you’re making $50,000 a year, you want to make sure you have fifty grand in the bank.”
0:30 “Let’s jump up to 45 [years old]. You want to have four times your annual income saved. Once you get into your sixties, that’s eight times [your salary]; that’s a huge number.”
0:43 “Procrastination is one of the key components of why people are not necessarily successful.”
1:05 “A lot of the time it’s just simple arithmetic. How much money do I need to maintain the lifestyle that I want long-term?”
2:00 “That does shows why you want to start as early as possible when you’re saving.”
