Clever Ways to Stash Money at Any Age

Retirement may seem far away, but it’s important to start saving as early as possible. There are universal benchmarks—like saving your annual salary by age 30—but you should find a plan that works for you in order to maximize your savings.

After all, a peaceful retirement requires careful planning and regular reassessment of your finances.

A Closer Look at Fidelity’s Recommendations

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The roadmap to a robust retirement fund revolves around key milestones:

  • Under 35: Aim for $30,170 – Target $13,000.
  • Age 35–44: Aspire to $131,950 – Strive for $60,000.
  • Age 45–54: Accumulate $254,720 – Hit the mark of $100,000.
  • Age 55–64: Reach a balance of $408,420 – Ensure you have at least $134,000.
  • Age 65–74: Boost your savings to $426,070 – Aim for a solid $164,000.
  • Age 75 or older: Maintain around $357,920 – Keep a baseline of $83,000.

These targets are premised on the belief that 45% of your gross pre-retirement income should come from savings, with Social Security bridging the remaining gap. 

While these are aspirational figures, they serve as reliable markers for periodic retirement readiness assessments. Life’s unpredictability may impede the achievement of every milestone, but a clear framework enables strategic recalibrations as challenges pop up.

Channeling Your Savings: Exploring Account Types

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Kickstarting your retirement savings journey involves discerning the correct accounts:

  • 401(k) or 403(b): Direct contributions from your paycheck, with potential employer matching.
  • Traditional IRA: An option if a 401(k) is inaccessible or for additional savings.
  • Roth IRA: Post-tax contributions with tax-free withdrawals.
  • Brokerage Account: A versatile non-retirement investment avenue.

Are You on Track?

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Embarking on the retirement savings journey early, coupled with careful adjustments over time, helps lay the foundation for a content retirement. Regularly reviewing and adjusting your savings plan while maintaining strong credit will ensure you stay on track for the retirement of your dreams.

Uninvited Guests Spoil Family Celebration, Now No One Can Agree Who Should Pay

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A woman wanted to have a quiet dinner with close family. When her relatives found out, they tagged along for free food. Things quickly escalated when it was time to pay — a $558 bill.

Uninvited Guests Spoil Family Celebration, Now No One Can Agree Who Should Pay

13 Rich People Things the Rest of Us Never Think About

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Rich people buy all kinds of mind-boggling things, but some are downright unfathomable if you aren’t rich. Here are 13 things that are normal for rich people that you’ve probably never even considered.

13 Rich People Things the Rest of Us Never Think About

Father Gives $200,000 for House Payment, One Daughter Makes Unreasonable Demands

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This father offered each of his children a generous amount of money to help them in the brutal housing market. One of his daughters quickly countered that his offer wasn’t enough, causing tension between them.

Father Gives $200,000 for House Payment, One Daughter Makes Unreasonable Demands

11 Things You’ll Miss Out on if You’re Middle Class

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The rich and poor don’t have much in common on the surface, but they share some things that the middle class misses out on. Here are things that unite the upper and lower classes but miss the middle.

11 Things You’ll Miss Out on if You’re Middle Class

12 Top Retirement-Friendly Cities in the US

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Everybody looks forward to the adventure of retirement. However, not all retirement destinations are created equal, so we’ve compiled a list of the top 12 most affordable and enjoyable places in the US for retirees to settle down. 

12 Top Retirement-Friendly Cities in the US

Source.

Author: Luana Cantuarias

Title: Contributing Writer

Expertise: Blockchain, B2B, and SaaS

Bio:

Luana Cantuarias is a seasoned finance writer with over a decade of experience in the realms of Blockchain, B2B, and SaaS.