Retirement goals: Identified
Set realistic objectives when it comes to your retirement savings. Don’t let anything else get in the way. It’s ok to be a little selfish. If you’re thinking about your children, don’t worry, they will figure out some way to pay for college if it’s really important to them. They have a whole future ahead of them to achieve their financial goals. On the other hand, time is not on your side.
One way to make sure you reach your retirement goals is to determine the amount of money that many financial experts suggest you should save by the time you reach retirement: 10 to 12 times what you’ll make in your last full year of income. For instance, if you expect to make $80,000 in the last year of employment, then you would have to save $800,000 to $960,000 for your golden years.
