How much money you need to save to retire by age 65, according to Stanford researchers

If you want to retire by age 65, you should be setting aside 10-17 percent of your income. And that’s if you start saving as early as age 25. If you wait until 35 to start, you have to save 15 to 20 percent of your income to retire by 65. The BC CRR found that workers who start saving at age 25 need to save 10 percent of their income to retire at age 65 at their current standard of living, while Aon suggested saving 17 percent. The top of the chart shows the projection from the BC CRR (by econom


If you want to retire by age 65, you should be setting aside 10-17 percent of your income. And that’s if you start saving as early as age 25. If you wait until 35 to start, you have to save 15 to 20 percent of your income to retire by 65. The BC CRR found that workers who start saving at age 25 need to save 10 percent of their income to retire at age 65 at their current standard of living, while Aon suggested saving 17 percent. The top of the chart shows the projection from the BC CRR (by econom
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Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: kathleen elkins, victoriiabulyha
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How much money you need to save to retire by age 65, according to Stanford researchers

If you want to retire by age 65, you should be setting aside 10-17 percent of your income. And that’s if you start saving as early as age 25.

If you wait until 35 to start, you have to save 15 to 20 percent of your income to retire by 65. Keep in mind that this amount does not include your short-term savings, so it would be on top of any money you’re putting in an emergency fund, for example.

That’s what researchers at the Stanford Center on Longevity determined in a 2018 report that evaluated how prepared American families are for their golden years by comparing how much they’re currently saving to how much they should be saving.

The Center determined those ranges by looking at two different projections — one from the Boston College Center for Retirement Research and one from consulting firm Aon Hewitt — that considered factors such as the rate of return on investments, salary growth, life expectancy and Social Security benefits.

The BC CRR found that workers who start saving at age 25 need to save 10 percent of their income to retire at age 65 at their current standard of living, while Aon suggested saving 17 percent.

The table below compares the two projections. The top of the chart shows the projection from the BC CRR (by economist Alicia H. Munnell) and the bottom shows the projection from Aon.


Company: cnbc, Activity: cnbc, Date: 2019-03-19  Authors: kathleen elkins, victoriiabulyha
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A happy retirement is more than just money

This is an important distinction to make, that insufficient retirement savings could be more a function of conscious decisions made in the past than a failure to behave responsibly. More from Fixed Income Strategies:Now may be the time for bonds in portfoliosSurprising spending truths could upend your retirementFinancial worries prevent earlier retirement for manyFurthermore, saving for retirement is not as easy as advertised. Given our increasing life expectancy, accumulating enough money in 35


This is an important distinction to make, that insufficient retirement savings could be more a function of conscious decisions made in the past than a failure to behave responsibly. More from Fixed Income Strategies:Now may be the time for bonds in portfoliosSurprising spending truths could upend your retirementFinancial worries prevent earlier retirement for manyFurthermore, saving for retirement is not as easy as advertised. Given our increasing life expectancy, accumulating enough money in 35
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Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: ivory johnson, guest contributor, nastasic, getty images, photo hero images via getty images, michael grabois, flickr, adam gault, roger wright
Keywords: news, cnbc, companies, income, given, chance, retirement, life, happy, need, decisions, earlier, money, easy


A happy retirement is more than just money

What you will need to budget for once you retire 10:14 AM ET Wed, 27 Feb 2019 | 00:48

Daunting numbers indeed, but these conditions speak to priorities undertaken years earlier. Many families would list education as their No. 1 goal, and given the exorbitant cost of college tuition, it only makes sense that their nest egg is less than robust.

This is an important distinction to make, that insufficient retirement savings could be more a function of conscious decisions made in the past than a failure to behave responsibly.

More from Fixed Income Strategies:

Now may be the time for bonds in portfolios

Surprising spending truths could upend your retirement

Financial worries prevent earlier retirement for many

Furthermore, saving for retirement is not as easy as advertised.

Glossy financial planning brochures with couples in their mid-50s riding a sailboat notwithstanding, this is simply an unrealistic expectation for many households. Given our increasing life expectancy, accumulating enough money in 35 to 40 years of working to sustain us for the remainder of our lives is no easy task.

To put this into perspective, if you take out 5 percent from a diversified portfolio each year, you stand a 58 percent chance of running out of money within 30 years of retirement.

After all, anyone taking withdrawals during the 2008 housing crisis would have a dramatically different outcome than investors who retired in 2009 and lived off market returns in the beginning of retirement. Volatility matters. This would suggest that you need $2,000,000 saved to generate $100,000 in annual income.

It’s also worth mentioning that distributions from retirement accounts are subject to ordinary income taxes. In other words, there’s a fair chance that a great many savers — unless they make lifestyle sacrifices or wiser investment decisions or have an actual pension — won’t be able to maintain their current quality of life once they leave the workforce.


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: ivory johnson, guest contributor, nastasic, getty images, photo hero images via getty images, michael grabois, flickr, adam gault, roger wright
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Powerball’s jackpot surges to $550 million. Here’s what the winner would pay in taxes

However, the top federal tax rate of 37 percent means the winner would owe a lot more at tax time. Assuming the winner had no reduction to their taxable income, another 13 percent, or $43.6 million, would be due to the IRS ($124 million in all). More from Advisor Insight:Eight costly retirement mistakes to avoidTarget-date funds are getting more personalPreparing heirs for the $68 trillion ‘great wealth transfer’That would leave the winner with $211 million before state taxes. In other words, fe


However, the top federal tax rate of 37 percent means the winner would owe a lot more at tax time. Assuming the winner had no reduction to their taxable income, another 13 percent, or $43.6 million, would be due to the IRS ($124 million in all). More from Advisor Insight:Eight costly retirement mistakes to avoidTarget-date funds are getting more personalPreparing heirs for the $68 trillion ‘great wealth transfer’That would leave the winner with $211 million before state taxes. In other words, fe
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Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: sarah obrien, photo, justin sullivan, getty images
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Powerball's jackpot surges to $550 million. Here's what the winner would pay in taxes

Whether the winner takes their prize as an annuity spread out over three decades or as an immediate reduced lump sum, lottery officials are required to withhold 24 percent for federal taxes.

However, the top federal tax rate of 37 percent means the winner would owe a lot more at tax time.

For Wednesday night’s drawing, the cash option — which most winners go with — is $335 million. The 24 percent withholding would reduce that by $80.4 million.

Assuming the winner had no reduction to their taxable income, another 13 percent, or $43.6 million, would be due to the IRS ($124 million in all).

More from Advisor Insight:

Eight costly retirement mistakes to avoid

Target-date funds are getting more personal

Preparing heirs for the $68 trillion ‘great wealth transfer’

That would leave the winner with $211 million before state taxes. That levy ranges from zero to more than 8 percent, depending on where the ticket was purchased and where the winner lives.

In other words, federal and state taxes combined could eat up more than 45 percent of winnings.

However, there are strategies you can employ that reduce your taxable income, and therefore the amount you pay in taxes.

For example, you could make a cash donation of up to 60 percent of your adjusted gross income and carry forward, up to five years, any excess amount. Some lottery winners set up their own charitable foundation and donate a portion of their windfall to it.


Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: sarah obrien, photo, justin sullivan, getty images
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Here’s the No. 1 reason why Americans are struggling to save money—and it’s not debt

More than one in five working American adults, or 21 percent, don’t set aside any of their annual income for short-term or long-term goals. That’s according to a new survey from Bankrate.com, which asked 1,000 of them how much of their annual income they save for retirement, emergencies and other financial goals. And those who do save, Bankrate finds, aren’t putting away a lot: Another 20 percent save only 5 percent or less of what they make, while 28 percent save 6 to 10 percent. Besides expens


More than one in five working American adults, or 21 percent, don’t set aside any of their annual income for short-term or long-term goals. That’s according to a new survey from Bankrate.com, which asked 1,000 of them how much of their annual income they save for retirement, emergencies and other financial goals. And those who do save, Bankrate finds, aren’t putting away a lot: Another 20 percent save only 5 percent or less of what they make, while 28 percent save 6 to 10 percent. Besides expens
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Here's the No. 1 reason why Americans are struggling to save money—and it's not debt

More than one in five working American adults, or 21 percent, don’t set aside any of their annual income for short-term or long-term goals.

That’s according to a new survey from Bankrate.com, which asked 1,000 of them how much of their annual income they save for retirement, emergencies and other financial goals.

And those who do save, Bankrate finds, aren’t putting away a lot: Another 20 percent save only 5 percent or less of what they make, while 28 percent save 6 to 10 percent. Just 16 percent are saving more than 15 percent of their income — and even that, experts say, probably isn’t enough to make sure you have both an emergency fund and enough money socked away to retire by 65.

What’s keeping Americans from saving? When Bankrate asked survey participants, the No. 1 response was “expenses.”

That makes sense, given that day-to-day costs continue to soar. Middle class life is now 30 percent more expensive than it was 20 years ago. The cost of big-ticket items like college, housing and child care has risen precipitously: The cost of public universities doubled between 1996 and 2016 and housing prices in popular cities have quadrupled, Alissa Quart, author and executive director of the Economic Hardship Reporting Project, tells CNBC Make It.

Meanwhile, salaries have largely stagnated, so they don’t go as far as they once did to cover the necessities, Quart points out.

Besides expenses, 16 percent of working adults say they don’t have a “good enough job” to be able to save, which presumably means they aren’t earning enough.

Another 16 percent say they “haven’t gotten to it.” This is a more common answer among younger people, Bankrate notes: “Twenty-two percent of millennials (ages 23-38) feel this way.”

While retirement may feel too far off to start saving for when you’re young, the longer you put off planning for your golden years, the further behind you’ll fall.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: kathleen elkins
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Thailand election: Economic growth, income inequality are key issues

Investors are hoping for greater political and economic stability in Thailand after the country’s upcoming general election — but some analysts aren’t so sure that will come to pass. This year, foreign buying of Thai equities has not return in a significant way, with many investors opting to wait for clarity on the political front. The election on March 24 will be Thailand’s first since a military coup overthrew the elected government in 2014. An anti-military camp that consist of the Pheu Thai


Investors are hoping for greater political and economic stability in Thailand after the country’s upcoming general election — but some analysts aren’t so sure that will come to pass. This year, foreign buying of Thai equities has not return in a significant way, with many investors opting to wait for clarity on the political front. The election on March 24 will be Thailand’s first since a military coup overthrew the elected government in 2014. An anti-military camp that consist of the Pheu Thai
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Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: yen nee lee, gonzalo azumendi, getty images
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Thailand election: Economic growth, income inequality are key issues

Investors are hoping for greater political and economic stability in Thailand after the country’s upcoming general election — but some analysts aren’t so sure that will come to pass.

Last year, the Thai stock market suffered a record $9 billion in foreign investment outflows as investors withdrew from emerging markets amid rising interest rates in the U.S. and global economic concerns. This year, foreign buying of Thai equities has not return in a significant way, with many investors opting to wait for clarity on the political front.

The election on March 24 will be Thailand’s first since a military coup overthrew the elected government in 2014. The vote is set to be a contest between three political fractions:

A pro-military camp that include the Palang Pracharat Party, which named current Prime Minister Prayuth Chan-o-cha as its candidate to lead the country.

An anti-military camp that consist of the Pheu Thai Party — which is linked to exiled former Prime Minister Thaksin Shinawatra — and the newly founded Future Forward Party.

A group of parties that are neutral or undecided on which side they would align, including the Democrat Party led by another former prime minister, Abhisit Vejjajiva, and Bhumjaithai Party, which recently made headlines for its promotion of marijuana as a new cash crop in Thailand.

None of the parties are expected to single-handedly win enough seats to form the next government, which means the most likely scenario is a coalition administration. That may be challenging, however, in a polarized political environment like Thailand, analysts said.


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: yen nee lee, gonzalo azumendi, getty images
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Here’s how many working Americans aren’t saving any money for retirement or emergencies at all

Working Americans are still struggling when it comes to saving money for both their short-term and long-term goals: More than one in five (21 percent) don’t save any of their annual income. That’s according to a new survey from Bankrate.com, which asked 1,000 working American adults how much of their annual income they set aside for retirement, emergencies and other financial goals. And that’s if you start saving as early as age 25. “Millennials and Gen Xers, on the other hand, are more likely t


Working Americans are still struggling when it comes to saving money for both their short-term and long-term goals: More than one in five (21 percent) don’t save any of their annual income. That’s according to a new survey from Bankrate.com, which asked 1,000 working American adults how much of their annual income they set aside for retirement, emergencies and other financial goals. And that’s if you start saving as early as age 25. “Millennials and Gen Xers, on the other hand, are more likely t
Here’s how many working Americans aren’t saving any money for retirement or emergencies at all Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: kathleen elkins
Keywords: news, cnbc, companies, survey, heres, age, americans, start, working, retirement, income, arent, annual, aside, saving, set, emergencies, money, save


Here's how many working Americans aren't saving any money for retirement or emergencies at all

Working Americans are still struggling when it comes to saving money for both their short-term and long-term goals: More than one in five (21 percent) don’t save any of their annual income.

That’s according to a new survey from Bankrate.com, which asked 1,000 working American adults how much of their annual income they set aside for retirement, emergencies and other financial goals.

And those who do save, Bankrate finds, aren’t setting aside a lot: 20 percent save only 5 percent or less of what they make, and 28 percent save 6 to 10 percent. Just 16 percent are saving more than 15 percent of their income.

Experts generally recommend earmarking 10 to 20 percent of your income just for retirement savings.

Researchers at the Stanford Center on Longevity project that, if you want to retire at age 65 and maintain your standard of living, you need to put 10 to 17 percent of your current income into a retirement account. And that’s if you start saving as early as age 25.

Bankrate’s survey, which looks at short-term and long-term savings, suggests that most Americans aren’t saving enough. After all, 69 percent of Americans are saving 10 percent or less or their income.

Younger people, in particular, are having a hard time: “Older households (age 55 and above) are more likely than other age groups to be saving more than 10 percent of their annual income,” Bankrate reports. “Millennials and Gen Xers, on the other hand, are more likely to say they’re not saving any money at all.”

The survey also offers insight into why much of the population is lagging behind. When Bankrate asked survey participants why they aren’t saving more money, the most popular response was “expenses,” followed by “haven’t gotten to it” and “job isn’t good enough.”

Sure enough, day-to-day costs continue to soar. Middle class life is now 30 percent more expensive than it was 20 years ago. The cost of big-ticket items like college, housing and child care has risen precipitously: The cost of public universities doubled between 1996 and 2016 and housing prices in popular cities have quadrupled, Alissa Quart, author and executive director of the Economic Hardship Reporting Project, tells CNBC Make It.

Meanwhile, salaries, which have stagnated, don’t go as far as they once did to cover the necessities, Quart points out.

While all of this makes it more difficult to set aside money for the future, the longer you put off planning for your golden years, the further behind you’ll fall.

The good news is there are ways to make progress without feeling cash-strapped or committing to any drastic lifestyle changes. Here are three effective strategies:

1. Start as soon as possible. The sooner you begin saving and investing your money, the less you’ll have to save each month to reach your goals, thanks to the power of compound interest.

If you start at age 23, for instance, you only have to save about $14 a day to be a millionaire by age 67. That’s assuming a 6 percent average annual investment return. If you start at age 35, on the other hand, you’d have to set aside $30 a day to reach seven figures by age 67.


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: kathleen elkins
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Here are the 10 cities where seniors are most prepared for retirement

Online personal finance portal SmartAsset and its SmartAdvisor Match service surveyed and compiled a list of the U.S.cities where seniors are most prepared for retirement. “But in some locales,” SmartAsset said, “retirees are bucking the trend and living a life full of the pleasures that come with careful retirement planning and financial security.” SmartAsset looked at seven criteria: percent of seniors with retirement income, retirement income levels, food stamp reliance, poverty rate, home-ow


Online personal finance portal SmartAsset and its SmartAdvisor Match service surveyed and compiled a list of the U.S.cities where seniors are most prepared for retirement. “But in some locales,” SmartAsset said, “retirees are bucking the trend and living a life full of the pleasures that come with careful retirement planning and financial security.” SmartAsset looked at seven criteria: percent of seniors with retirement income, retirement income levels, food stamp reliance, poverty rate, home-ow
Here are the 10 cities where seniors are most prepared for retirement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: kenneth kiesnoski, getty images, michaelwarrenpix, denistangneyjr, venske, matt mawson, moment, kevin smith, design pics
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Here are the 10 cities where seniors are most prepared for retirement

Online personal finance portal SmartAsset and its SmartAdvisor Match service surveyed and compiled a list of the U.S.cities where seniors are most prepared for retirement. The company noted that Northwestern Mutual has found more than a fifth of Americans, overall, have nothing saved for their retirement, and that government analyses show that those families that do have retirement savings accounts have only $1,100 saved up on average. “But in some locales,” SmartAsset said, “retirees are bucking the trend and living a life full of the pleasures that come with careful retirement planning and financial security.”

SmartAsset looked at seven criteria: percent of seniors with retirement income, retirement income levels, food stamp reliance, poverty rate, home-ownership rate, the housing cost–burdened rate for seniors, and housing costs as a percent of retirement income.

Among SmartAsset’s findings: Arizona is home to three cities with seniors who are “financially well prepared for retirement.” The state is also a favorite destination for out-of-state retirees looking to make a move, perhaps accounting for its high retirement-preparedness scores, according to the company.

Large U.S. cities, meanwhile, scored poorly. New York, Los Angeles and Chicago, where retirees may find housing costs and living expenses challenging, all landed in the bottom 10 of the SmartAsset ranking.

Here’s a look at the 10 cities where seniors are best prepared for their retirement:

Source: SmartAsset (Note: SmartAsset’s analysis also included percentage of senior-headed households with retirement income, housing costs as percentage of said income and percentage of said households using food stamps. These numbers do not appear here.)


Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: kenneth kiesnoski, getty images, michaelwarrenpix, denistangneyjr, venske, matt mawson, moment, kevin smith, design pics
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This is the happiest city in America — and it isn’t in California or Hawaii

A new analysis by WalletHub has ranked it as the happiest city for 2019. Irvine, California, south of Los Angeles in Orange County, came in second place with a 14th place ranking in emotional and physical well-being, 11th place ranking in income and employment and an fifth place ranking in community and environment. The third happiest city, Madison, Wisconsin, scored a third place ranking in emotional and physical well-being, 14th place ranking in income and employment and a seventh place rankin


A new analysis by WalletHub has ranked it as the happiest city for 2019. Irvine, California, south of Los Angeles in Orange County, came in second place with a 14th place ranking in emotional and physical well-being, 11th place ranking in income and employment and an fifth place ranking in community and environment. The third happiest city, Madison, Wisconsin, scored a third place ranking in emotional and physical well-being, 14th place ranking in income and employment and a seventh place rankin
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Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: sarah berger
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This is the happiest city in America — and it isn't in California or Hawaii

If pursuing happiness is a life goal, you might want to consider moving to Plano, Texas. A new analysis by WalletHub has ranked it as the happiest city for 2019.

In a report released Monday, the personal finance site ranked the happiest cities in America based across three key dimensions — emotional and physical well-being, income and employment and community and environment — looking at 31 key indicators, ranging from depression rate to income growth.

Plano, about a half-hour drive north of Dallas, had solid scores in all three dimensions, with a seventh place ranking in emotional and physical well-being, sixth place ranking in income and employment and an eighth place ranking in community and environment.

Irvine, California, south of Los Angeles in Orange County, came in second place with a 14th place ranking in emotional and physical well-being, 11th place ranking in income and employment and an fifth place ranking in community and environment.

The third happiest city, Madison, Wisconsin, scored a third place ranking in emotional and physical well-being, 14th place ranking in income and employment and a seventh place ranking in community and environment.

These are the 10 happiest cities, according to WalletHub.

1. Plano, Texas

2. Irvine, California

3. Madison, Wisconsin

4. Fremont, California

5. Huntington Beach, California

6. Fargo, North Dakota

7. Grand Prairie, Texas

8. San Jose, California

9. Scottsdale, Arizona

10. San Francisco, California

Meanwhile, falling to the bottom of WalletHub’s ranking are Charleston, West Virginia (ranked 180); Toledo, Ohio (ranked 181); and Detroit, Michigan (ranked 182).

Other findings of interest include: Burlington, Vermont ranked as the city with the fewest working hours and Anchorage, Alaska had the most. San Francisco ranked as the city with the highest income growth and Gulfport, Mississippi had the lowest. Overland Park, Kansas ranked as the city with the highest adequate sleep rate, while Detroit, Michigan had the lowest.

WalletHub looked at 182 of the country’s largest cities, including 150 of the most populated in the U.S., plus at least two of the most populated in each state. You can find WalletHub’s full report here.

Don’t miss: This is America’s richest zip code — and it’s not in New York or California

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Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: sarah berger
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How much money Americans are saving for retirement—and how much you need if you want to retire by 65

If you’re hoping to retire by 60, like most young people are, or even a little later in your mid-60s, you might need to up your savings. And that’s if you start saving as early as age 25. If you wait until 35 to start, you have to save 15 to 20 percent of your income to retire by 65. Most employees aren’t saving nearly that much, according to the report: “Based on our estimation, families age 25-64 are currently only saving a median of about 6 to 8 percent of income toward retirement.” Here’s th


If you’re hoping to retire by 60, like most young people are, or even a little later in your mid-60s, you might need to up your savings. And that’s if you start saving as early as age 25. If you wait until 35 to start, you have to save 15 to 20 percent of your income to retire by 65. Most employees aren’t saving nearly that much, according to the report: “Based on our estimation, families age 25-64 are currently only saving a median of about 6 to 8 percent of income toward retirement.” Here’s th
How much money Americans are saving for retirement—and how much you need if you want to retire by 65 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: kathleen elkins, lesia valentain, -seeing our way to financial security in the age o, stanford center on longevity
Keywords: news, cnbc, companies, saving, security, americans, standard, retirementand, income, start, age, retirement, money, 65, need, retire, youre


How much money Americans are saving for retirement—and how much you need if you want to retire by 65

If you’re hoping to retire by 60, like most young people are, or even a little later in your mid-60s, you might need to up your savings.

“Most American workers aren’t saving at levels that will allow them to retire fully at age 65 at their current standard of living,” researchers at the Stanford Center on Longevity conclude in a 2018 report, “Seeing Our Way to Financial Security in the Age of Longevity.”

After considering factors such as the rate of return on investments, salary growth, life expectancy and Social Security benefits, the researchers project that, if you want to retire at age 65 and maintain your standard of living, you need to put 10 to 17 percent of your current income into a retirement account. And that’s if you start saving as early as age 25.

If you wait until 35 to start, you have to save 15 to 20 percent of your income to retire by 65. Keep in mind that this amount does not include your short-term savings, so it would be on top of any money you’re putting in an emergency fund, for example.

Most employees aren’t saving nearly that much, according to the report: “Based on our estimation, families age 25-64 are currently only saving a median of about 6 to 8 percent of income toward retirement.”

Here’s the Center’s breakdown of median contribution as a percent of income in work-based retirement plans for families at different ages.


Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: kathleen elkins, lesia valentain, -seeing our way to financial security in the age o, stanford center on longevity
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How much money Americans are saving for retirement—and how much you need if you want to retire by 65

If you’re hoping to retire by 60, like most young people are, or even a little later in your mid-60s, you might need to up your savings. And that’s if you start saving as early as age 25. If you wait until 35 to start, you have to save 15 to 20 percent of your income to retire by 65. Most employees aren’t saving nearly that much, according to the report: “Based on our estimation, families age 25-64 are currently only saving a median of about 6 to 8 percent of income toward retirement.” Here’s th


If you’re hoping to retire by 60, like most young people are, or even a little later in your mid-60s, you might need to up your savings. And that’s if you start saving as early as age 25. If you wait until 35 to start, you have to save 15 to 20 percent of your income to retire by 65. Most employees aren’t saving nearly that much, according to the report: “Based on our estimation, families age 25-64 are currently only saving a median of about 6 to 8 percent of income toward retirement.” Here’s th
How much money Americans are saving for retirement—and how much you need if you want to retire by 65 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: kathleen elkins, lesia valentain, -seeing our way to financial security in the age o, stanford center on longevity
Keywords: news, cnbc, companies, retirementand, retirement, need, retire, security, start, americans, saving, 65, youre, age, income, standard, money


How much money Americans are saving for retirement—and how much you need if you want to retire by 65

If you’re hoping to retire by 60, like most young people are, or even a little later in your mid-60s, you might need to up your savings.

“Most American workers aren’t saving at levels that will allow them to retire fully at age 65 at their current standard of living,” researchers at the Stanford Center on Longevity conclude in a 2018 report, “Seeing Our Way to Financial Security in the Age of Longevity.”

After considering factors such as the rate of return on investments, salary growth, life expectancy and Social Security benefits, the researchers project that, if you want to retire at age 65 and maintain your standard of living, you need to put 10 to 17 percent of your current income into a retirement account. And that’s if you start saving as early as age 25.

If you wait until 35 to start, you have to save 15 to 20 percent of your income to retire by 65. Keep in mind that this amount does not include your short-term savings, so it would be on top of any money you’re putting in an emergency fund, for example.

Most employees aren’t saving nearly that much, according to the report: “Based on our estimation, families age 25-64 are currently only saving a median of about 6 to 8 percent of income toward retirement.”

Here’s the Center’s breakdown of median contribution as a percent of income in work-based retirement plans for families at different ages.


Company: cnbc, Activity: cnbc, Date: 2019-03-12  Authors: kathleen elkins, lesia valentain, -seeing our way to financial security in the age o, stanford center on longevity
Keywords: news, cnbc, companies, retirementand, retirement, need, retire, security, start, americans, saving, 65, youre, age, income, standard, money


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