Have you looked into the mirror lately and asked yourself if you are prepared for retirement? Are all of your “ducks in a row”, so to speak? Many people may be surprised at the honest answer to this question. This is why they need to follow the advice of David Giertz.
In a recent interview, Giertz was asked what he considered the best retirement planning advice that he could give. His response was many-fold. No matter what the size of your paycheck is, it is harder to save for retirement than many would have you believe. This is because it is not easy to estimate what you will need for living expenses in the future after you have retired.
The first thing to realize is that saving money as the sole retirement option simply will not be enough. The initial money saved and the interest it accrues will not hold one over during their retirement years. There need to be other income opportunities which are exploited.
Investment income is great but the age at which one retires plays a critical factor as to how much money they will be able to grow. For instance, if one retires at the age of 55, Giertz estimates that person will need to save 33 times their annual income to live comfortably during retirement. Based on an annual salary of $100,000, this means they would have to save $3.3 million to retire early. However, if that person waits until they are 65 to retire, they will only have to have saved $1.3 million to carry them through their golden years in a comfortable fashion.
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