The cost of living continues to rise, and that means you\u2019ll need more money for retirement. But when should you start saving, and just how much do you need?<\/p>\n
When it comes to putting money away for retirement, experts recommend that you start saving as soon as possible. <\/p>\n
Northwestern Mutual studied a variety of factors and found the average amount Americans believe they\u2019ll need to retire comfortably is $1.26 million. <\/p>\n
\u201cThere\u2019s really no such thing as too early,\u201d said Samuel Taube, NerdWallet investing writer and spokesperson.<\/p>\n
Earlier this year, NerdWallet conducted a survey and found 39% of Americans said not having enough saved for retirement was a financial concern.<\/p>\n
The most common types of retirement accounts are an IRA, which is controlled by you or a 401(k), which is sponsored by your employer and many companies will match what you put in.<\/p>\n
\u201cIRAs typically don\u2019t cost anything to open. And even contributing a small amount if you\u2019re fresh out of college and waiting tables can still make a big difference down the line,\u201d Taube said.<\/p>\n
Here\u2019s how much Fidelity Investments suggests you have in savings:<\/p>\n
By 30, you should have 1x your salary and it goes up by age.<\/p>\n
By 6,7 you should have 10 times your salary in a retirement account.<\/p>\n
But a lot depends on where you live and your lifestyle.<\/p>\n
\u201cIf you\u2019re living in a high-cost-of-living or even median cost of living area, that number may be north of a million dollars,\u201d Taube said.<\/p>\n
What’s the Deal?<\/p>\n
Check out our weekly newsletter compiled by Consumer Investigative Reporter Tiffany Salameh.<\/p>\n
GOBankingRates recently broke down how much you need to retire \u201cwealthy.\u201d<\/p>\n
In popular retirement communities like Prescott, Arizona, you need just over $1.8 million to retire for 20 years.<\/p>\n
In Naples, Florida, you need just under that. Other ways to grow your retirement savings is investing in the market or even cryptocurrencies.<\/p>\n
\u201cOnce you get older and closer to retirement, the general consensus is that you\u2019re supposed to shift your portfolio into safer assets like a heavier bond allocation in order to preserve your money against the possibility of a downturn,\u201d Taube explained.<\/p>\n
A financial adviser can help you reach your retirement goals.<\/p>\n
The-CNN-Wire \u2122 & \u00a9 2025 Cable News Network, Inc., a Time Warner Company. All rights reserved.<\/p>\n","protected":false},"excerpt":{"rendered":"The cost of living continues to rise, and that means you\u2019ll need more money for retirement. But when…\n","protected":false},"author":2,"featured_media":147257,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,6016,186,5481,187,90964,184,185,1793],"class_list":{"0":"post-147256","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-au","9":"tag-australia","10":"tag-business","11":"tag-consumer","12":"tag-finance","13":"tag-financial-planning","14":"tag-money","15":"tag-morning-show","16":"tag-personal-finance","17":"tag-personalfinance","18":"tag-retirement"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/147256","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=147256"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/147256\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/147257"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=147256"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=147256"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=147256"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}