View From the States: How Much Money do I Need to Retire
We think our friends in the States have it all sorted out when it comes to planning for their retirement – but what is it really like over there, how much money do they need to retire and how does it compare with what we are facing in Blighty?
Retirement is usually considered as one’s part of life when it’s time to kick back, relax, and enjoy yourself. However, more often than not, we all go through life without considering our retirement until it’s too late.
That being said, in order to enjoy the benefits of old age, thinking and planning for it earlier in life is crucial.
Retirement, just like anything in life, comes with a certain budget. So considering how much we need to save, when to start saving, and the best way to save for our retirement are some of the questions that if not answered in time, might pose the biggest problems.
The team over at MedAlertHelp.org compiled an infographic, carefully detailing everything an average person needs to know about retirement. It contains some pretty amazing stats and facts that everyone, regardless of age, should know.
Some of the information that can be found in this piece ranges from the average retirement age in the US to how much money we need in order to retire and the best places for retirement.
For example, in the US, the most common age to retire is around 62—it’s also the minimum age to collect Social Security. The full retirement age, on the other hand, is 66—and around 90% of Americans retire by this age.
Furthermore, you’ll see a comparison of different saving plans, making it easier for everyone to reconsider their options before making their final decision.
Whether it’d be 401(k), Roth (k), IRA or Roth IRA, the infographic has researched all of these saving plans, carefully displaying the information, so that even people with little to no knowledge of such plans can easily choose the best option for them.
Since this is not only an important topic, but also one that is not discussed enough and on time, and this all-encompassing yet easy to follow infographic allows everyone to start thinking about the issue earlier and start considering their options and saving faster.
The above mentioned are only a few of the topics detailed in the infographic. However, if they’ve sparked your interest, then there is a lot more in the piece below.