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How Much Should You Save? Meet Your Retirement Goals with These Tips

How Much Should You Save? Meet Your Retirement Goals with These Tips

Kim Lankford

You can also make automatic investments into a Roth IRA. Even just $100 per month can add up to $1,200 a year. And if you’re 30 now, keep saving at that pace for the next 35 years and your investments earn 8 percent annually, you’ll have about $220,000 tax-free by the time you’re 65.

While you’ll still need to increase your savings rate when you can afford to, these examples demonstrate it’s never too early to start. And it’s easy to increase your savings rate whenever you get a raise, bonus, tax refund, gift or any other form of extra money. When you’re used to living on less, it’s easy to invest the extra cash before you can spend it.


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