Retiring comfortably requires strategic planning, with savings targets based on lifestyle, location, and retirement goals. Experts recommend starting with a goal that covers 70-80% of your pre-retirement income annually. Factors like inflation, healthcare costs, and life expectancy also influence how much you’ll need to save.
Investing wisely and considering tax-efficient accounts, such as Roth IRAs and 401(k)s, can help maximize your savings. Regularly reviewing your retirement plan and adjusting contributions as your income grows are key to reaching a “retirement in style.”
For a more detailed guide on setting up a solid retirement plan, read the full article on Investor’s Business Daily.
