How to save money according to your age and plan your retirement? A central principle in the world of finance states that it is never too early to start planning for retirement. Calculating numbers and projecting future expenses can be complex. In this edition of My Finances, we present a guide on how much of your salary you should save according to your age, and how to accomplish it.
What we recommend is:
For your 30 years, the saving is half of the annual salary, 50% of the total
For your 40 years, you have saved between 2 and 2.5 times your annual salary, between 100 and 150%
For your 50 years, you have saved between 3.5 and 6 times your annual salary, between 250% and 500%
For your 60 years, you have saved between 6.5 and 11 times your annual salary, between 550% and 1000%
These are some references that can help you plan your savings and enjoy financial well-being. However, these formulas may vary depending on your income and your needs and expectations for retirement. That is why receiving professional advice is crucial.
Are you ready to become an ideal saver? Supra has the best financial team in the market that will help you guarantee a peaceful future after so much work. Write to us!