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Date Created: 12/21/15
Chris Novinger Novers Financial Asks: Do You Have Enough Saved to Retire? You’ll need to leave the workforce some day and retire, but are your bank accounts prepared? Chris Novinger Novers Financial asks this important question: Have you saved enough money to retire? The following tips can help you better decide if changes need to be made to your master plan. Use a Retirement Calculator A great way to find out if you actually are saving enough or have enough money set aside to retire is to use a retirement calculator. You can find these online, and we’ve found a free one you can also use: the MSN Retirement Calculator. Enter the necessary information and crunch the numbers. If they come up shy of meeting your needs—you will need to make some necessary adjustments so that you can alter your savings to be more sustaining for the retirement you wish to enjoy in the future. How to Break the $1 Million Threshold An interesting article that was published by U.S. News & World Report advised that you can reach the $1 million pinnacle of retirement funds by starting to save when you are 25-years-old. The article further stated that by saving $4,682 per year from the age 25 to 65, you could reach the $1 million marker with ease. If you start later than 25, add up the difference over each year to know what you’ll need to save to reach this key goal. Expenses Matter Are you really in need of some of the costly services that you use, or are they hindering your retirement goals? For instance, a large cable bill of $125 per month equals $1,500 per year. That’s $45,000 extra that you could add to your savings (over 30 years), which would increase with interest and compound interest payouts. Going with basic cable could stand to increase your savings by $60,000, which is a hefty sum when factoring that you need about $1 million to retire. What other bills could you slash that you don’t necessarily need? www.noversfinancial.com : 682-214-2330 Main , 888-326-6026 Toll Free
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