"Many millennials could see these large expenses -- especially student loans and
other debt -- as primary obstacles to saving anything for retirement, inch says
Jerry Patterson, senior vice us president of retirement and investor services at
the Principal. "But in most situations, possibly and necessary to both save for
retirement and lower debt by creating a plan and staying with it.
inch
According to Voya Financial, nearly 6 in 10 (59 percent) working
Americans say they are very or extremely concerned about outliving their savings
in retirement and 74 percent haven't calculated their monthly retirement income
needs. However, if they think ahead a bit, they can start making sound savings
decisions now. A diverse and somewhat non-conservative collection
helps.
"Generally, people should have at least 60 to 70 percent of their
annual income in order to have a secure retirement with a similar lifestyle,
inch says James Nichols, head of retirement income and advice strategy and Voya
Financial. "Of course, some people will need more than that and some will need
less depending of their lifestyle desires, health expenses, retirement plans and
other factors. You may have 30 years or more of retirement, so your money needs
to continue to grow during that time. inch.
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