Nolan Farwell, Investment Adviser Representative offering Securities through Multi-Financial Securities Corporation, member FINRA, SIPC.

According to the Wells Fargo Retirement Fitness Survey released in December, Americans have less than 7% of their required retirement nest eggs saved.   But how do we make sure to save enough?  Nolan Farwell stopped by the studio and shared some thoughts and tips.  You can listen to our conversation and read a partial transcript below.
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Nolan: A lot of people expect to fall back on Social Security during retirement, but the fact is that social security was never meant to be a stand-alone source of income for retirees.  It was designed to compliment an individual’s own savings.  However, saving for retirement can be a daunting task.  With bills to pay and loans to pay off, it can be difficult to find money to invest for retirement.  Setting a budget and sticking to it is very important.  Be sure to include monthly retirement savings in your budget.

Brent: How much should we be setting aside?

Nolan: To maintain your current lifestyle during retirement, a good starting point is 10% of your income during your working years.  This would include any contributions an employer makes into a 401k or other retirement savings plan.  If you are getting closer to retirement and need to do some catching up, target 15-20%.

Brent: Any final tips or words of encouragement?

Nolan:  Get started today!  Most retirement accounts are very easy to open and maintain.  Even small monthly contributions can grow to be substantial amounts of savings over time.

Nolan Farwell is an Investment Adviser Representative offering Securities through Multi-Financial Securities Corporation, member FINRA, SIPC.
Do you have a financial question you would like us to address?  Share it with us!    Brent@Life1019.com

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