Preparing for retirement

By: Sara Zendehnam Email
By: Sara Zendehnam Email

GRAND JUNCTION, Colo. Whether you're 65 or 25, saving for retirement should be on your mind, but for many having extra money tucked away isn't on their to do list.

A national survey reports 36% of workers have less than $1,000 in savings and investments that can be used for retirement.

That same survey reports that only 44% of people said they have calculated how much money they'll need to save by the time they retire so they can live comfortably.

Experts said the rule of thumb is to have your savings last for 30 years. You can plan on spending 5% of your money each year, which means if you have $1,000,000 saved you'll have about $50,000 to spend annually.

Certified Financial Planner, Serenity Melnick, suggests taking advantage of your company's 401K plan if there's one available. Some will match 1% - 3% of each paycheck and that will double your money right off the bat.

Another tip is to invest instead of just leaving money in a savings account at a bank because the value of a dollar goes down every year due to inflation.

It may seem overwhelming to jump into saving if you don't know anything about retirement, but there are people here in town to help. Legacy Wealth Management offers information to people of all ages and holds free consultations for those who are just starting to make their plans.

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