Tips for saving and investing for retirement, including suggested savings goals and strategies.

From Nasdaq: 2024-09-12 07:02:00

Northwestern Mutual suggests an average retirement savings goal of $1.46 million to provide $60,000 in annual income. T Rowe Price recommends saving nine times your annual salary by age 60. Catch-up contributions are available for those over 50, with next year’s limit raised to $10,000. Strategic saving and investing can help reach your retirement goals, even if you’re behind. Retirement fortunes are typically built over time, so start saving and investing as soon as possible, no matter your age. Don’t overlook Social Security benefits, as they can provide a significant boost to your retirement income. By maximizing your benefits, you could increase your retirement income by thousands of dollars per year.



Read more at Nasdaq: Here’s How Much You Should Have Invested for Retirement at Age 60