Saving for retirement can be overwhelming. On this week’s Wealth with Mina, I’m going to answer a viewer’s question on what to do if you have not saved enough for retirement and share how much you should have saved by a certain age. It’s ok if you haven’t saved enough. The key is to keep going.
Here’s what’s covered in the video:
How much you should have saved for retirement by decade:
–Age 30: Half your salary
–Age 40: 2 times your salary
–Age 50: 4 times your salary
–Age 60: 6 times your salary
–Age 67: 8 times your salary
I also provide tips on how to close the gap if you’re not where you should be:
4 ways to close the gap:
1. If you’re age 50+ take advantage of the catch-up contributions — up to $6,500 for 401(k)s and $1,000 for IRAs and Roth IRAs
2. Review Your Asset Allocation: Can you stand to take a little more risk
3. Reduce Current Expenses or Bring In Additional Income: Set up a small business or side hustle and create an Individual 401(k) to set aside a large amount of money every year
4. Non-Working Spouse Return to Work?: Have the money talk with your partner and consider the possibility of their return to work.
Check out the video below.