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The earlier that you start saving for retirement, the better it will be long-term. However, sometimes it can be challenging to know how much or when you can start saving. Here are a few tips for planning early for retirement.
The number that you should save for retirement depends on a few things- How old you are, your employer, and your future spending plans, but a good amount to save is between 10-20% of pre-tax income.
- Start by learning more about your employer's 401(k) offer.
- Then, maybe invest in an IRA.
- Keep your retirement savings separate from any other savings that you may have.
- Meet with a financial advisor.
- Pay off high-interest debt.
Your retirement is meant to help you enjoy a stress-free life after a long time of working. Prioritize saving for retirement.