How much should I save for my retirement?
While retirement might seem to be a lifetime away, you should start preparing for it as soon as possible. You may hear financial advisors recommend saving around 10–15% of your income for retirement.
You can put your retirement savings on autopilot by setting up automatic deposits from your paycheck directly into an employer-sponsored retirement plan or IRA account. That way, you won't have to constantly remind yourself to save.
Do I save first for my children's college or for my retirement?
It might seem overwhelming to figure out how to plan and prioritize your savings. Many financial advisors suggest that you prioritize saving for your retirement over saving for your child's college education. The reason? Your child can take out a student loan, but you will not be able to take out a loan to cover your retirement costs. So even though it might feel daunting, develop a financial plan for you and your family to help secure your financial future.
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