Are you 35, 50 or 60: How much should you have saved for retirement by now?

Are you 35, 50 or 60: How much should you have saved for retirement by now?

How long you have until retirement is a major factor in determining whether you are ready for retirement. Investors of all ages can be more strategic heading into 2024 by asking themselves the following key words:

Career start: 22 to 39 years old

It's critical to start saving for your long-term goals, especially retirement, as soon as possible. Young investors can take advantage of the power of compound interest over several decades.

Mid- to late-career: 40-59 years old

Retirement planning can be daunting at any age, but it’s especially true early in your career. When retirement seems so far away, it can be hard to plan for it because there are so many priorities to deal with right now. For example, you may have student loans to pay off in addition to regular bills. Or you may be struggling to save for a home or for your child’s college education.

Preparing for retirement: 60+

If you haven't retired yet, now's the time to evaluate your retirement preparations. See how much Social Security benefits you can collect at different ages and decide on a plan that's right for you.

Best Personal Pension Plan

A pension plan is a tax-advantaged way to save for retirement. It is simply a pool of cash that you and your employer can contribute and you can get a tax deduction for as a way to save for your retirement.

How much should I save for retirement?

The basic advice about superannuation is to save as much as possible as early as possible. There is a rule of thumb for a comfortable retirement…

How much can I save for retirement?

There are strict limits on how much you can put into a pension and get tax relief (technically you can put more but without tax relief there is no point as it would undermine the benefit of the pension).

Should I claim my employer's pension? (Yes...if you don't you're wasting a pay rise)

If you are employed, you are automatically enrolled in a pension, into which your employer must pay. It's effectively a pay rise, so by opting out you're wasting free cash your employer is giving you. It may not go into your pay packet, but it is cash towards your future.