Planning for retirement? Retirement help is here, with these retirement planning tips offered in this free lesson.
It is estimated that a person needs 60 to 80 percent of his or her pre-retirement income to live comfortably in retirement. However, for the average worker, Social Security replaces only about 40 percent of pre-retirement income. The balance must come from pensions and personal savings.
If you haven't already started, it's important to start saving now. Your total savings are determined by the interest you earn on your savings and the time period over which you save. The sooner you start saving, the more money you will be able to amass over time.