From the course: Planning for Retirement
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How much to save for retirement
From the course: Planning for Retirement
How much to save for retirement
- A friend asked me a great question the other day. She said, "What's the difference between saving for retirement and investing for retirement?" In most cases, they really refer to the same thing, which is putting money into an account to grow so that you can retire someday. But to break it down a bit, saving for retirement refers to the amount that you're putting into your retirement accounts. and then those dollars that you save are invested for retirement so that they can grow over time and help you reach your goal. So let's talk about how much you need to save and invest to be able to retire in your mid-to-late sixties. I won't beat around the bush. Aiming to save 15% towards retirement, and that includes employer contributions, that's what it takes for most people to be on track to stop working in their mid-sixties, assuming you start saving in your mid-twenties. If you start saving when you're 18, or you have a…
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