Are You Saving Enough for Retirement? Here’s What You Need To Know!

For many people, retirement seems so far off. It can be difficult to know just how much money you will need for retirement.

1. When to Start Saving

The best time to start saving for retirement is as soon as possible. There is no better time than the now. Even if you are in your early 20s it is still a great time to start saving for your retirement. The longer you save the more interest you will make off of your money. This interest will really add up over time. So be sure you start saving for retirement as soon as possible to ensure you will have enough.

2. Figure Out How Much To Save

Most financial experts recommend that you save 15-20% of your income for your retirement. However, saving more is always better. If you find yourself making more money you should be putting more money towards your retirement fund. Retirement can come with unexpected medical bills so it’s important you set aside more money than you need to live off of. In addition, you need to calculate how long you think you’ll live and your lifestyle preferences for retirement. If you believe that you will be in a good health condition during retirement you will live longer and therefore need to save up more for retirement. In addition, if you are used to living a luxurious lifestyle, you will need to save enough for retirement to continue your current lifestyle preferences.

3. Where to Save Your Retirement Money

It’s best to save money for retirement in a variety of places. Obviously, it is important to put money aside into your retirement account offered through your employer or 401(k). Another good place to save money is a community bank. Community banks are known for supporting communities and looking out for their customers. The experts at Citizen’s National Bank will be there for you every step of the way and can help you create a retirement savings account. The benefit of keeping some retirement funds in a community bank savings account is that you will gain interest on that money.

Overall, if you’re trying to figure out how to save enough for retirement it’s a good idea to start early, figure out how much to save and set up a retirement savings account!