According to Edward Jones, the recommended retirement savings for a 50-year-old varies significantly with income, suggesting specific benchmarks to help ensure a secure retirement.
The 15% rule suggests that individuals should save 15% of their gross income for retirement, allowing them to maintain their lifestyle post-retirement until the age of 92.
If your savings are below the recommended benchmarks, it’s crucial to recalculate your retirement goal, consider cutting expenses, or increasing your savings percentage.
Consulting a financial planner, despite the perceived cost, can reveal potential strategies and options in retirement savings, social security, and other financial avenues.
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