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If there is one mistake that Americans make most when it comes to retirement, it’s how late they start thinking about retirement savings! According to Annuity.org, the 2021 estimate of money needed in savings for a “comfortable retirement” is $1.04 million, but approximately 39% of Americans only have $0–$5,000 in retirement savings. Yikes.
And here, perhaps, is the worst part: our traditional view of retirement might be disappearing. In the same Annuity.org report, it’s said that approximately 55% of working Americans “plan to work in retirement.” Over half of Americans won’t truly be retiring.
If that doesn’t give you a reason to start saving now, regardless of your age, we don’t know what will. And while saving aggressively will naturally give you more savings in the short term, the important part is to start saving now even if it’s just a small amount.
So whether you’re 22 or 54, join the experts at Tablecloth Finance as we dive into retirement topics including:
- 401(k)s, Roths, and other retirement accounts
- How much you need to retire
- The reality behind social security
- Taxes during retirement
- Healthcare after retirement
…and so much more! We’re excited to get into the nitty-gritty of retirement planning with you.