It may be challenging to assess the right amount of your retirement savings and how long it might take as it involves carefully considering various factors such as current age, income, retirement goals, and lifestyle preferences.
Are Americans Retirement Ready?
According to Yahoo finance news, many Americans are not retirement ready because they are struggling to save for their retirement due to inflation, increasing rates, and student loan payments. Another factor why Americans are not retirement ready is that retirement savings constantly increase, leading to many retired individuals falling short.
The average retirement savings for those in their 60s and 70s are far below the recommended $1.27 million. Those in their 40s and 50s have even lower averages. The financial experts pointed out that many Americans started saving too late and needed to catch up.
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How Can You Be Retirement Ready?
In the article from Go Banking Rates, to be retirement ready, it is ideal to seek a financial advisor and consider what would be essential for you once you retire to get a sense of your ideal savings. Moreover, to be retirement ready, it is also ideal to test-drive your retirement budget beforehand to know how much you’d be spending once you retire.
Financial experts have also agreed with this advice. Moreover, reaching out to a financial planner who can build a plan that fits your goals and needs to be retirement ready is also essential.
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