The article discusses retirement savings strategies, emphasizing the importance of starting early and saving consistently. Experts suggest a 15% savings rate based on pre-tax income, with adjustments for lower and higher earners. The importance of investing in tax-advantaged accounts and maintaining a diversified asset allocation is also highlighted.
There isn't a magic number for retirement savings . Setting aside 15% of your annual salary before taxes is a good place for many people to start, experts said.
That said, there are guideposts and truisms that will give many savers a good shot at getting it right, experts said."I think a total savings rate of 15% is probably the right place to start," said CFP David Blanchett, head of retirement research at PGIM, the asset management arm of Prudential Financial.
"If I make $5 million, I don't really care about Social Security, because it won't really make a dent," Chao said.Households should have a basic idea of why they're saving, Chao said. To get there, people should save 15% a year from age 25 to 67, the firm estimates. The rate may be lower for those with a pension, it said.
Retirement Savings Financial Planning 401(K) IRA Asset Allocation Social Security
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