Earlier in the week, I referenced the story of Tom Palome, a former VP in marketing for Oral-B who now works two part-time jobs during his retirement. Among other things, his story highlights the importance of saving for retirement, no matter how much money you make. Sprinklebit’s infographic, “Are You Investing In Your Future?” provides further data that will hopefully encourage you to plan ahead and start saving for retirement.
According to the infographic, 80% of people surveyed between the ages of 30 and 54 believe they won’t have enough money during retirement. 43% of those surveyed have less than $10,000 saved.
How much money you’ll need for retirement is difficult to calculate. It will depend on various factors: when you begin your retirement, your health, amount of debt, where you retire, and so on. The infographic above offers some help; for example, they estimate that if you want to have $3,000 a month during retirement for 20 years, you’ll need to save approximately $500,000 by the time you retire.
You may not be able to calculate the exact amount of money you’ll need for retirement, but that shouldn’t stop you from saving. Develop a retirement plan and start saving today!