The month of January is winding down already. It’s time to make sure you are putting some shoe leather on your monetary plans for 2014. Get on the computer and increase the percentage that you are saving in your company retirement plan. Retirement age will get here faster than you realize, and cost of living expenses only go up. Get yourself ready. Raise your long term savings and investments.
A customized plan is best, and the success certainly depends on the amount of time you have for the money to be working for you, your current investment balance and the average returns of those investments. A good general rule of thumb though is a goal of saving 10% long term gives you a shot at maintaining your lifestyle in retirement. Saving less than 10% and you will likely be dependent on family or government programs to provide support. Savings of 15-20% would give you a better opportunity to have more disposable income available for more than just getting by in retirement.
So how much did you save in 2013 towards your long term savings? And now give yourself a push to increase that amount in 2014. Increase it as much as is realistic and maintainable. Look at it quarterly to see if you have room to sock away more. One step at a time is all it takes to make progress. Raise ’em up!