Are you on your way to having enough money for retirement? Estimates vary on how much the average American needs to have in the bank when they stop working – $1 million is a nice round number, but it’s also one that can cause a lot of anxiety – and isn’t always right for everyone.
While a rebounding economy and a renewed focus on saving means more Americans are seeing their retirement savings grow, a large number of people struggle later in life because they didn’t put enough away while they were working.
No matter where you are in your career journey, it’s always a good idea to think about the future. Whether you’re planning to stop working – wholly or in part – in five years or in 30, you need to know if you’ll have what you’ll need when it comes time to enjoy the fruit of your labors.
Check out the Transamerica Retirement Savings Plan Calculator to estimate how much you’ll have in your account when it comes time to retire – and to determine how much to increase your contribution if necessary. You can also visit the Social Security Administration’s site to estimate how much you’ll get when you file. (Social Security made changes this year that affect high-wage earners and those who supplement their benefits with a part-time job; learn more here.)
What lessons have you learned about saving for retirement?