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Start saving for retirement early

May 8, 2015 by · Leave a Comment 


Article Written by : Global Investing 411

Saving early as possible for retirement is one key to a financial success during retirement. But many wonder how much to save each month. Generally many Americans are not prepared for retirement and do not have enough savings to handle their financial needs when they retire.

During retirement unexpected events such as hospitalization could happen that may create a burden on your retirement savings. Many of us are very well aware that in retirement our monthly income is going to go down compared to what we earned while working. Some manage to payoff big ticket items such as mortgage prior to retirement but many American still carry a mortgage going into retirement.

One published report indicates that only 37.5 percent of the poorest group had $1,600 that they needed in retirement and 62.5 percent of middle income earners had $4,800 they needed each month. Many of these groups needed to take debt in retirement in order to cover the shortfall. This is why saving for retirement as early as possible is critical. How much to save depends on each individual’s income and many other factors. Saving as much as possible after paying all monthly bills as well as saving early as possible is two important factors.

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