Not affiliated with The United States Office of Personnel Management or any government agency

Not affiliated with The United States Office of Personnel Management or any government agency

How Much Should You Save for Retirement?

Once you enter the workforce, at one point or another, you will consider retirement

savings and what options were made available to you. The fact remains that to achieve a comfortable retirement, most Americans need to save as much as $1 million or more. However, less than 25% of working individuals expect to reach or surpass this dollar amount upon retiring. Less than 60% of surveyed citizens expected to have less than $500k in savings, with less than 40% stating they’d have less than $250k put away.A recent study concluded that, for a retiree to live comfortably, they needed an average of $775k in savings””those with $2 million or more set aside to retire on the wealthy side. Considering longer lifespans and heftier healthcare costs, we can quickly ascertain that a higher dollar amount is necessary for upcoming generations of retirees to live comfortably. However, as time passes, we continue to see data pointing toward fewer and fewer aging citizens accumulating sufficient funds for retirement altogether.
Unfortunately, with basic living expenses on the rise and inflation influencing every facet of our lives, simply planning to live off of Social Security benefits isn’t going to cut it. To fully retire and live off retirement income, citizens need to plan for multiple sources of income before reaching retirement age. Whether or not you plan to work into retirement, skip retirement altogether, or work part-time, there are a few ways to prep before you get there.
You can get started creating the retirement income you are comfortable with by living on a reliable budget well before retirement. Taking advantage of the retirement fund-matching offered by your employer is one of the best ways to kickstart your retirement savings fund. This may come from a 401(k), IRA, or even an annuity. In terms of federal employees, a Thrift Savings Plan (TSP) may be of greatest benefit.

Contact CKD ADMIN

Search for Public Sector Retirement Expert.

Receive the Best advice.

PSR Experts can help you determine if Public Sector Retirement is right for you or if you should look for alternatives.

The Best Advice creates
the best results.

Recent Articles

More Articles by CKD ADMIN

Should I Withdraw From Retirement Savings To Pay Off Credit Card Debt?

Your retirement savings are there to help you survive through what could be decades of reduced income. So, it usually...

Great Places to Store Your Money: Savings Accounts, Money Market Accounts, and CD’s, with default sponsor user Federal Retirement Author

Savings accounts, money market accounts, and certificates of deposit (CDs) can help boost your savings by accruing interest, all the...

Seven Strategies to Grow Your Investment Portfolio, with default sponsor user Federal Retirement News

The dream of most investors is to see their investments grow exponentially over time. They wish to have their initial...

Search For Public Sector Retirement Expert

Receive the Best advice.

PSR Experts can help you determine if
Public Sector Retirement is right for you or if you should
look for alternatives.

The Best Advice creates

the best results.

Subscribe to our Newsletter

"*" indicates required fields

Our Readers Deserve The Best PSHB and USPS Health Benefits Guidance

Licensed insurance agents who understand PSHB, Medicare, and USPS Health Benefits Plan are encouraged to apply for a free listing.

This field is for validation purposes and should be left unchanged.

Book Phone Consultation

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Get In Touch

Stay up to date on the latest information about Public Sector Retirement.

The Best Advice Creates The Best