From Nasdaq: 2025-02-08 18:00:00

Estimating your retirement needs can be complex, with the common suggestion to save 10% of your income for retirement. However, for the average American with a yearly income of $62,000, saving 10% would mean setting aside $517 per month. Depending on the rate of return and years saved, this could result in a significant amount for retirement. But factors like starting late or lower returns may impact this. Consider saving 15% of your income or using retirement calculators to plan better. Automated contributions and increasing savings gradually can help secure your retirement.

Source: https://www.fool.com/retirement/how-much-do-i-need/?utm_source=nasdaq&utm_medium=feed&utm_campaign=article&referring_guid=7f0e03fc-dc5e-4ff9-87c5-9eb988702b07

If you’re behind on retirement savings, consider maximizing Social Security benefits to boost your income. Little-known strategies could potentially add up to $22,924 more annually to your retirement funds. Discovering these methods and adjusting your savings plan accordingly can provide greater financial security in retirement.

Source: https://www.fool.com/mms/mark/e-sa-social-security/?aid=10953&source=isaeditxt0010931&ftm_cam=sa-bbn-retirement&ftm_pit=15161&ftm_veh=article_pitch_feed_partners&referring_guid=7f0e03fc-dc5e-4ff9-87c5-9eb988702b07



Read more at Nasdaq: Here’s How Much Saving 10% Per Year Would Give the Average American in Retirement