3 Steps You Can Take Right Now for a Comfortable Retirement
Roughly half of Americans believe they will outlive their retirement savings, according to a recently published survey by retirement services provider Simplywise. Outside of Social Security running out, outliving their retirement savings is people's biggest retirement fear. But when you consider that another 37% believe they will not have enough money set aside to ever retire, you know it's a huge concern. That may be why 72% say they will have to continue to work in retirement, according to the survey.
It can all seem overwhelming, particularly with the type of economic uncertainty and market volatility we have experienced. But there are three steps you can take right now to quell those concerns and get on the right track for retirement.
To get where you're going, you have to first establish a destination. In this case, it's about simply establishing a number -- or total savings amount -- that you'd like to reach for retirement. Fortunately, there are an abundance of retirement savings calculators out there, including the ones provided by us here at the Fool. There are also several basic formulas you can apply that will give you a ballpark number. One simple rule is that you'll need 10 times your final year's salary. So, if you're 50 now and make $55,000, you'd make around $77,000 at age 67 with a 2% annual salary increase baked in. Multiply that by 10, and that comes to about $770,000.
Source Fool.com
