How Much Money You Need To Save By EVERY AGE!

As we journey through life, financial preparedness becomes increasingly important. Whether you're just starting your career or nearing retirement, having a solid savings retirement plan is essential. Let's explore the critical milestone of how much money you should aim to have saved by different ages!

In Your 20s:
Your 20s are the perfect time to establish a strong financial and retirement foundation. Aim to save at least three to six months' worth of living expenses in an emergency fund. Additionally, begin contributing to a retirement account, like a 401k or an IRA, to harness the power of compounding over time.

In Your 30s:
By your 30s, focus on accelerating your retirement savings. Strive to have an emergency fund equivalent to six to nine months of living expenses. It's also wise to have saved the equivalent of your annual salary in retirement accounts. Don't forget to explore other retirement investment opportunities to diversify your portfolio.

In Your 40s:
As you enter your 40s, prioritize catching up on retirement savings. Your emergency fund should cover nine to twelve months of living expenses. Take advantage of "catchup" contributions allowed in retirement accounts to make up for any previous shortfalls.

In Your 50s:
By your 50s, retirement is approaching, and it's crucial to be diligent about saving. Aim to have 12 to 18 months' worth of living expenses in your emergency fund. Maximize retirement contributions to retirement accounts and explore additional retirement investments that align with your risk tolerance.

In Your 60s and Beyond:
As you approach retirement or already in it, reassess your financial and retirement situation. Your emergency fund should now cover two years of living expenses. Ensure your retirement accounts are appropriately diversified and consider consulting a financial advisor to make informed retirement decisions.

Remember, these are general guidelines, and individual circumstances may vary.

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Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for "retirement planning at 30", "retirement planning at 40", "retirement planning at 50", or even "retirement planning at 60" understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.

Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called "Your Financial EKG™." What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50's, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.

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❌ *Please make sure you talk with your CPA, Financial Advisor, Retirement Planner, or Investment Advisor Representative, before implementing any content from this channel. All videos are for informational and educational purposes only. None of the content, comments, responses, information, or any other item on this channel constitutes financial advice or recommendations. Please call Pearl Wealth Group at 8138075060 to go through your Retirement Income, Retirement Investments, or Retirement Plan in more detail.* ❌

Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 8138075060
[email protected]
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