The Edward Jones benchmark suggests that individuals aged 50 should have significant retirement savings, with amounts varying by income level to maintain lifestyle post-retirement.
Recalculating your retirement savings goal at age 50 can be highly beneficial, allowing for adjustments based on realistic expectations and necessary lifestyle changes.
Consulting a financial planner, while an added expense, can provide invaluable insights into retirement planning and available financial options that individuals might overlook.
The 15% rule implies that individuals need to save a substantial percentage of their income for retirement in order to sustain their lifestyle well into old age.
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