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STRIVE TO RE ACH THESE BENCHMARKS FOR E ACH STAGE OF LIFE. IT IS AGREED that the earlier you start saving for retirement, the better. The big question on the minds of many savers is, "How a m I doing ? " This a r ticle will provide some rough milestones to try and reach. Keep in mind that you may need to save more or less than these amounts based on your objectives, lifestyle and income needs. AGE 30 Can you save the equiva lent of a year's salary? Some 30-year-olds have that much money in debt. The thing is, you may be able to ma nage debt while a lso saving a nd investing to bui ld wea lth simultaneously. One way to plan to reach this goa l is to save (and invest) about one-fif th of your a f ter-ta x income beg inning at age 25. That assumes you start with no savings. If you start sav- ing and investing earlier, the goal may be easier to attain. AGE 40 Will your savings be triple the amount of your yearly earnings? The average American currently saves about 3.5 percent of his or her income. Can you save 3.5 percent of what you earn at 25 or 30 and build a six-figure retirement fund by your 40th birthday? Perhaps, if you are an absolute investing wizard or start your career with a salary north of $100,000. Otherwise, sav- ing and investing 10 to 15 percent of what you earn annually will be crucial in planning to reach this goal. AGE 50 Will your savings be close to six times your salary? Slow and steady saving and investing could get you there, but building up $250,000 or more in retirement money can be a cha llenge due to factors like child-rearing, divorce, periodic unemployment or health concerns. One response is to adjust your discretionary spending habits, if life allows. AGE 60 Will your savings equal eight or nine times what you earn annu- ally? Amassing $500,000 or more in retirement assets should be a prior- ity. Even if you have not managed this, other resources can help you gener a t e r e t i r em ent i nc om e i n t he ye a r s a he a d . You w i l l have Socia l Secur it y benef its coming your way a nd possibly home equ it y, exe c ut ive c om- pensation or business proceeds to ma ke your f ina ncia l f ut ure more promising. Our firm does not render legal or tax advice. T his article was w r it te n fo r o ur f ir m an d p ro - vided courtesy of MarketingPro. Investme nts in sec ur ities and in s uran ce p rodu cts are: NOT FDIC-INSU R ED/NOT B A N K- G UA R A N T E E D/ M AY L O S E VA LUE Rao Wealth Partners is an independent firm with secu- rities of fered through Summit Brokerage Services, Inc., member F I N R A a n d S I P C . A d v i s o r y s e r v i c e s a re of fe re d th r o u g h Summit Financial G roup, Inc., a registered investment adviser. Summit is an independent bro- ker-dealer with client assets held at First Clearing, LLC (a wholly owned Wells Fargo subsidiary). S ummit an d its af f iliates are under separate ownership from any other named entity. ■ Saving and invest- ing 10 to 15 percent of your annual pay merits serious consideration. Through recurring contributions to tax- deferred retirement savings accounts, you can make saving and investing a regular process. Your future self may thank you. You Save By Age 30, 40, 50 or 60? How Much Should BY DAVE RAO Dave Rao 1 2 1 2F I N A N C I A L C H E C K U P