This Quick Guide to Retirement Savings aims to introduce how much to save for retirement in Europe and around the globe and presents several practical aspects.
How much to save for retirement is the argument most of us are getting interested in reaching our thirties.
Thinking of retirement saving immediately brings the following question to my mind. How do I want to live in the “far” future?
Travelling all over the world or having a relaxed lifestyle in a cottage somewhere in the countryside?
A new horizon is heading your way and you might actually face the question: Could you be doing more? And the answer is Yes.
Setting yourself up for a fantastic retirement starts with having a great plan. It’s a good solution to set up pension savings target with a little educated forecast in order to save money and meet your goals once retired.
What Does Recent Study Says About Retirement Savings?
A recent study found that Norway ranked number 1 out of 43 countries for retirement security. Switzerland followed at number 2, while India came in at 43. The U.S. stood number 14 on the list, with positive factors of high wealth and economic stability.
Experts have also calculated that the typical workers need an income equivalent to about two-thirds of their final salary for retirement.
According to the Pensions Commission some may manage with as little as 50 per cent, while others will want 80 per cent, but not 100 per cent because they have paid off their mortgage, no longer have children to bring up, won’t face the cost of commuting and, of course, they will have stopped contributing to a pension.
It has long been recommended that one million is a nice round number to have saved for retirement.
Today, the archaic notion of retirement has morphed into this. Work for 40-50 years. Then, have a party, get a gold watch, go to the beach, sit down in a reclining chair with an umbrella drink and get ready for an exciting 20 or so years of golf.
Obviously, we would not be able to foresee everything. However, to define whether a certain amount is enough to cover all your needs requires more than just tapping some figures on the calculators.