How much money should you save to have a perfect retirement
Perhaps you think that you do not have much money now.
You find it difficult to think about saving now.
While there are some simple ways you can prepare for your financial future.
The earlier you start, the more chance you have of success, even if you don't have a lot of money.
The early start will give you a better scope for achieving financial results.
For example, each of Hind and Tariq save a thousand dollars annually.
Eighty-three dollars and thirty-three cents per month or nineteen dollars and twenty-three cents per week.
An interest is added to the amount of money they save at the rate of ten percent annually.
Hind starts saving at the age of two and stops at the age of thirty.
And let her savings grow on their own.
As for Tariq, it starts after eight years at the age of thirty and stops at the age of sixty-five.
The total net worth that she will have will be three hundred and eighty dollars and eight hundred and sixty-five cents.
While Tariq will receive two hundred and ninety-four dollars and thirty-nine percent of the cent.
Note that the total amount invested by Hind is eight thousand dollars.
While the total amount invested by Tariq amounted to thirty-five thousand dollars.
How much should you save during each stage of your life? For a perfect retirement.
One the start of your career.
This stage is often in your twenties.
Saving is not your priority.
Because you have a lot of expenses and most of them are consumptive.
However, you should aim to save twenty-five percent of your total income annually. This means that you must cover all your expenses, including debt, with seventy-five percent.
And be careful not to exceed this percentage.
If you plan your budget correctly, you will be able to save enough money.
for future goals.
Two After establishing your family during this stage you are in your thirties, forties and fifties.
And long-term savings are more difficult.
Plus a lot of responsibilities.
In addition to short and medium-term savings for emergencies and children's education fees.
However, you must save twice the equivalent of your annual income every five years, for example if your annual income is twenty thousand dollars.
You should aim to save forty thousand dollars within five years.
Link your savings account to your main account so that you can transfer your funds automatically at the beginning of each month.
To make it easier for you to save and avoid procrastination.
Stage Three Thinking about retirement During this stage you should evaluate your savings and assess your expectations for your savings plans for the rest of your life.
In conclusion, saving for retirement is a marathon, not a short race, and so that you do not get frustrated if you fail to achieve your saving goals at some point, that does not make you a failure.
The most important thing is to get back on the right track as soon as possible.
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