Saving for retirement is all about consistency, consistency, consistency. With a solid plan in place, your dream retirement portfolio can be achievable.
Matthew Cleary emphasizes that the key to helping achieve a secure retirement is saving early and consistently. He recommends people have at least 10 times their pre-retirement income saved in a 401(k), with the plan to live on 80% of their pre-retirement income during retirement. Starting early is crucial, as a 22-year-old saving $2,600 annually at an 8% return can potentially reach $1 million by age 67.
Cleary also stresses the value of professional advice, especially for those within 10 years of retirement. A financial planner can review your savings, spending, and investments to ensure you're on track. With discipline and a solid plan, he argues that reaching your retirement goals can be possible.
"A million-dollar retirement portfolio is achievable. The most important factor is saving early and often."
Interested in learning more? Check out the full GoBankingRates article here.
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