Experts like Fidelity Investments recommend you save at least 10 times your salary by your 67th birthday if you want to have a comfortable retirement. Supplemented with Social Security, this may be enough to cover your expenses through an average life expectancy.
Those numbers account for increasing income and compound interest as you age. An on-time retirement savings looks like this:
- 1x your salary saved by age 30
- 3x your salary saved by age 40
- 6x your salary saved by age 60
- 10x your salary saved by age 67
If you’re on track, fantastic. If you’re late, you have some catching up to do. If you haven’t set up a personal budget, make that the first thing you do. Once that’s in order, you’ll be able to implement the strategies below to get ready for your golden years…
1. Adjust Your Retirement Age
[Read more…] “7 Ways to Catch Up if You’re Late on Retirement Savings”
There are a lot of misconceptions about the meaning of Bank On Yourself. Some folks think it’s just glorified whole life insurance. Others think Bank On Yourself is merely the name of a book.
So, the Bank On Yourself team has created two separate articles. The first explains what Bank On Yourself is, and the second explains what it is not.
What Bank On Yourself Is
Our article on What Is Bank On Yourself? explains that Bank On Yourself is a safe wealth-building strategy – one that puts you in charge, by showing you how to fire your banker, bypass Wall Street, and take back control of your finances. That’s the meaning of Bank On Yourself in a nutshell.
But the article also discusses the benefits of the Bank On Yourself concept. We explain that Bank On Yourself is also the name of our company, and the words “Bank On Yourself” are in the titles of two New York Times best-selling books by Pamela Yellen.
What Bank On Yourself Is NOT
[Read more…] “Setting the Record Straight on What Bank On Yourself Is – and Isn’t”
Guest Contributor Casey Slide lives in Atlanta and is a columnist for the Money Crashers finance site, where she writes about money management and personal development.
The older I get, the quicker time seems to pass. A year feels like mere months, and a day passes in the blink of an eye. I often become so caught up in daily life and its many distractions that I often forget to take care of myself. Perhaps if I treated my needs as if they were investments, I might make some changes and refocus my priorities.
This year, learn to invest in yourself. You’ll be sure to improve your finances, as well as your quality of life.
Fill Your Time With Value-Adding Activities
To truly invest in yourself, stop wasting time with frivolity and engage yourself with life-enriching activities. Things you can fit into your daily schedule to add value to your life include:
1. Read More Books
Look for books about personal finance, health and well-being, business, or any other topic of interest that could make you a better person or enable you to make better decisions. As long as you continue to educate yourself and expand your wisdom, you’ve chosen the right books.
In addition, keep updated on current events by reading a trustworthy news website. When you become informed, you become a well-rounded, knowledgeable person who makes educated decisions.
2. Focus on Your Health
[Read more…] “10 Ways to Invest in Yourself in 2012”