Saving for Retirement

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Saving for Retirement
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When saving for retirement, it's really important
to start saving as soon as possible. The sooner
you set up a savings plan, the more you'll have
at retirement.
According to InvestorGuide.com
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• According to the NJ Department of Health
  Services, the average life expectancy for a male
  is 75.5 years.
• With the average retirement age at around 67, it
  is necessary for a retiree to comfortably support
  himself for at least 8 years. According to the
  Social Security Administration

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If you start your career right out of college,
you will enter the workforce around 22.
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If you start saving for retirement as soon as
possible that will give you around 45 years to
build up a nice nest egg.
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If you start out with a salary of 45,000, in 45
years you will be making approximately
170,000. Based on an average inflation rate of
3 annually, according to the US Census Bureau
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According to Investopedia.com, a retired
individual may need as much as 70 of his
pre-retirement income to live comfortably.
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Based on an annual contribution of 5000 into a
tax-deferred investment plan with 6 interest.
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Based on an annual pre-retirement investment of
5000 and collecting for 8 years past retirement.
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• If you start saving immediately, you can live
  your post-retirement years close to 100 of your
  pre-retirement income.

• If you wait 10 years, it drops to 52.8.

• If you wait 15 years, it drops to 37.4.

• If you wait 20 years, it drops to 26.

• If you wait 25 years, it drops to 17.4.

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Therefore it is very important to start saving
for retirement as soon as possible, to ensure
that you will be able to retire comfortably.