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Got a $75,000 Salary? Here's How Much You Should .. Contributing to Your Retirement Savings Each Year

Got a $75,000 Salary? Here's How Much You Should Be Contributing to Your Retirement Savings Each Year


Published on 2024-12-01 09:01:21 - Thomas Matters, WOPRAI
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  • Fidelity, a big name in the financial industry, recommends having 10 times your salary saved for retirement by age 67. But figuring out how much to put away for retirement on a yearly basis is a bit trickier.

The article from MSN Money discusses how individuals earning a $75,000 salary should approach their retirement savings. It suggests that contributing at least 10% to 15% of your annual income to retirement accounts like a 401(k) or an IRA is a good starting point, which would mean saving between $7,500 to $11,250 per year. The piece emphasizes the benefits of starting early due to compound interest, and also mentions the importance of taking advantage of employer match programs if available, which can effectively increase your savings rate. Additionally, it advises considering factors like age, expected retirement age, lifestyle, and inflation when planning contributions. The article also touches on the need for diversification in investments and possibly increasing contributions as one's salary grows or as they get closer to retirement to ensure a comfortable retirement.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/savingandinvesting/got-a-75-000-salary-here-s-how-much-you-should-be-contributing-to-your-retirement-savings-each-year/ar-AA1v4ceK ]

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