Thursday, June 11, 2009

Retirement Plan

Even if you're close to retirement and haven't saved at all, late is better than never. Starting early is better. You'll give your retirement funds more time to grow and hedge your savings against future upsets. Be realistic about your retirement needs and set a goal. Experts recommend you sock away at least 10% of your gross income each year for retirement. Retirees generally need at least 75% of their previous income to continue their standard of living (more if they want to travel or indulge expensive hobbies). Social Security now replaces about a third of pre-retirement income, but that amount will decline in the future.

source:msn money

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