5 Things You Need to Know About Retirement Planning
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Required Savings Rate for Retirement
(Percentage of annual salary. Assume $0 of Accumulated Savings at the Beginning Age)
*Assumes appropriate asset allocation for reasonable-risk investor through accumulation year; also assumes normal raises and, for retirement planning, an 80% wage replacement ratio at Social Security normal retirement age and includes Social Security retirement benefits. **At age 55, the person will realistically have to delay retirement until age 70. Source: Dalton, Michael A. Fundamentals of Financial Planning. Money Education, 2013.
Four more retirement planning issues you need to think about…
What do I want from retirement?
Retirement will probably be longer than you think.
Inflation is the biggest financial risk you will face.
What if it doesn’t go according to plan?
Money is a terrible master but an excellent servant.