What Percentage of My Income Should I Save for Retirement?

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The percentage of income required to be saved for retirement will depend on the person's age, how much is available to be saved and what the retirement needs will be. Understand that investments tend to be cut in half at least once every 10 years with insight from a financial adviser in this free video on retirement savings.

Part of the Video Series: Investments & Money Management Tips
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Video Transcript

Are you thinking about retirement? Hi, this is Roger Groh of Groh Asset Management. How much money are you going to need to invest today to fund your retirement later? Well, the rule of thumb is save every penny you can. To help you define that, go to the websites of your local bank or brokerage firm. Usually in those websites there's a calculator where you enter in the amount of money that you have today, what you think that the demands will be when you retire, and then it will tell you what you need to set aside every year, and also make up the principle every year. That'll serve as a guide to go along the way. If it were me, I'd cut down my expected return over the life of the investment to very modest amounts. The reason? Remember, once every ten years or so, you get at least one fifty percent decline in stock prices. If it turns out that you need the money at the bottom of one of those cycles, then you're going to be thankful that you planned for retiring at the bottom instead of retiring at the top. I'm Roger Groh of Groh Asset Management. Thank you very much for spending time with me.

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