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Costly Retirement Mistake: Not Saving Early Enough
Not only how much you save but WHEN you start saving is key to retirement according to Maurie Backman in this piece. Social Security replaces a pittance of pre-retirement income (estimate 40%), so ample savings is required for even a modest retirement lifestyle. Backman notes the average 60-something has just $112,500 saved for retirement. As an example of the power of time, someone who starts saving $300/month at age 27, 37, or 47 will accumulate the following at age 67, respectively: $933k, $408k, and $165k. Full article here.