Start Saving for the Retirement
If you want to have a worry-free retirement, start saving as early as possible. We know, these tips revolve around saving, but that is mean you need in order to reach your final goals.
However, the biggest expenditure you may ever need to save for is likely your retirement. Funding your retirement will be much easier if you start to save and invest as early as possible and use certain strategies.
Thus, here’s a little advice and an example of how much you would need to save for retirement. If you decide to set your annual retirement spending goal at $100,000 per year, then $100,000 in year 1 of retirement today, compounding at a rate of 2.5% yearly inflation, will equate to around $180,000 in year 25. Your retirement might cost you $3.5 million if it lasts 25 years and you start with $100,000 a year. This amount is calculated by adding 2.5% to each year’s total. This is also a good strategy if you want to retire early.