🤔Question: “I am 50 years old, make $80,000/yr, and have $0 in retirement savings. Is it too late to get started?”
HECK NO! Don’t believe the lie that it’s too late to save for retirement!! Many people are living until 90 or 100 years old these days and if you are in your 50s, then you have a long road ahead and you can make it one heck of a lot easier by having a plan. There are several factors that will go into your plan, but this sample step-by-step breakdown may help!
Step 1: Build a budget and maximize monthly savings
Step 2: Save a $1-5k to start for emergencies
Step 3: Pay off consumer debt and continue to save for emergencies
Step 4: Consider investing. Following are examples assuming an 8% annual rate of return and not factoring in any costs/fees (All investing involves risk including potential loss of principal.)
👉If you invest 10% of your income annually, you’ll have $395k at age 70.
👉If you invest 15% of your income annually, you’ll have $593k at age 70.
👉If you invest 20% of your income annually, you’ll have $791k at age 70.
Not sure where to start? We will help you get a jump on your retirement plan for free! Use the link below👇
https://www.bmcwealthmanagement.com/free-financial-planning-consultation
Samuel Shinn, MBA
Wealth Advisor
samuel.shinn@lpl.com
856-437-9294