How to Save For Retirement, in a Picture
Roger at The Chicago Financial Planner wrote a great article about how last week was National Save for Retirement Week. Really? And I did not get anybody a card! Shame on me.
Seriously though, saving for retirement is a sober matter, and I’ve written about it before. As the following infographic shows, Americans spend on average 20 years in retirement. That’s a long time so we had better make sure we know how and how much to save for retirement. Saving for retirement is something that requires commitment and discipline as opposed to just putting it off or avoiding it altogether.
If you can’t afford to save much in the beginning, don’t allow that to stop you; Start small through basic stock investing or putting aside what you can afford in a 401(k). If you don’t have access to a 401(k) and have limited funds, you can also start investing with as little as $250 with Motif Investing. The point is to get started as soon as you can, even if it’s in small amounts.
How do you save for retirement? Do you have a specific number you’re saving towards or are you more hands off with your investing?