How to start saving for retirement?
Tips for contributing the most now
- Duration 3:18
- Date Jan 3, 2013
Tips for contributing the most now
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Tired of those feel good stories and have a good enough about this -- that will scare people good.
-- think they will you have enough money for retirement only 42% of us have even tried to do the math but don't worry there's still time.
The deadline to open contribute to a Roth IRA savings account for -- twelve is April 15 of this year so Fox Business -- -- called -- this joins us with more.
On what we all need to know for retirement behind call hi good morning to see -- how do we calculate what will need for retirement well the first wave is just an easy blanket statement would be to say.
Take one year salary and times it by twenty so you'll you'll get Social Security you'll have some return on investment.
But for the thirty years of your retirement roughly give or take.
You will need about twenty times your current salary and -- start with.
One time occurrence on -- she has the truth is a lot of Americans are not -- and all of their day statistic is third 30%.
Of Americans have less than 1000 dollars -- excluding their home.
Less than 1000 dollars -- and what if something happens what do you think about it Roth IRA first on -- -- -- -- -- to go.
That's a great place to go and the key about that is you can lock in this year's tax rates.
Even now so as you noted there and that introduction.
You can put in your money now through April 15 so that's something you should do write of how much you contribute.
Well we talk about the amounts -- we talk about 5000 for 2012 it's going up cigarettes is 6000 in.
It but -- is 6500.
But get it in there right now if you can and if you're over fifty it's six thousands of eloquence of the vote forget the coffee pay a Roth IRA for some absolutely maxed out on your at work those contributions for your 401K often -- matching.
And another thing that you can do is collaborate and get all your.
Retirement investments to gather.
And in some cases when you do that you might even be able to lock in some of that tax rates now the -- the rock -- that we should note that we bring it right up front here.
Is that you will have to pay your taxes now however you are locking in today's tax rates for 2012 rather than.
Potentially going forward where they could be higher.
But also a lot of people are seeing Social Security's going to be here that's going to be retirement but that's just -- reality I don't know you cannot depend on the -- if we added daylight yesterday's stock market where we are up 300 points on the Dow that are just say put on socks and get that every single day over 2% on your money that.
That's very unrealistic you have to -- assess your wallet particularly with an administration that we've seen.
That has been taxing more spending more.
-- more C should be saving more and and in order for your retirement I mean this is tough stop and and really as we noted those statistics less about 30% have a thousand dollars -- There was another 160%.
Have less than 25000.
Dollar -- -- and the last thing I want to note.
Is your -- my husband's a dentist and he said when everybody plans for their retirement they never plan for their -- And I and that's an expense -- -- -- and now and -- Keep movement that's -- That might be something -- won't do that also hardcore pawn.
That that they show and don't forget to pawn your stats right and that's how slayer of big east Carolina hundreds suggestions I think also -- -- -- reminder that great we will all start brushing -- better for.