RICHMOND, Va. (WWBT) – The earlier you start preparing for retirement the better– but it’s never too late.
To figure out how much you might need. Think about what income sources you have or will have as you get older.
Social Security will be one. Maybe you were lucky enough to have a pension or an inheritance.
If your work offers a 401-K take advantage and put a percentage of your salary in it. If not, talk to a financial advisor about how to start saving.
Tiffany Lam-Balfour is an investing and retirement specialist with Nerdwallet and says save as early as possible and as much as possible. “Because if you think about it. Now we’re living out to 90, 100 with advances in medicine and technology. So, you could actually be in retirement just as long or even longer than the time that you spent working and saving,” added Lam-Balfour.
And think about this, during that time you are no longer working health expenses usually start to rise. So, being well prepared is really important.
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