Here's how much you should have saved up for retirement by now
You probably want to retire at some point in the future. But before you can get to that point, you have to be able to answer a few questions.
For example, how much money should you have already saved up if you want to retire by age 65?
JP Morgan Asset Management's 2015 "Guide to Retirement" has a handy retirement savings checkpoint guide to help you with that one.
To get a crude idea of how much you should have saved, find the age nearest to your age and then go across to the column with the salary nearest to your current salary. Then multiply the number you land on by that salary.
For example, this guide suggests that if you're 35 years-old and earn $100,000 a year, you should have saved $140,000 by now. Among other things, this assumes you continue to contribute 5% of your salary annually, you retire at age 65, and you die at age 95. (See box for other assumptions.).
This is of course a rough guide, but helpful in keeping you on track for your retirement.
JP Morgan Asset Management
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- 7 Nutritious and flavourful tiffin ideas to pack for school
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market