2 Most Common Questions

There are some questions that we hear again and again as we discuss retirement with plan participants. The first is “How much do I need to save for retirement each month?” and the second is “How much money do I need to have when I retire?” Here is a simple answer. If you start saving at age 25, when you first enter the work force, you should save at least 8.5% of your gross pay. If you save that much year after year, and if you invest it so that you get an average return of 6%, you should have enough money for retirement at age 65. That amount, coupled with your social security, should allow you to continue to live the lifestyle you could afford just prior to retirement. But what if you

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