Plans change. That’s inevitable, even for strategies that you’ve spent hours (or days) finalizing. Most people would say that they don’t have time to re-evaluate and just leave it at that. But stopping for a mid-career check can result in thousands more saved up for your retirement income. This guide will help you decide if you’re still on the right track or if you’re behind on your retirement savings.
Meet with local money managers that you can trust for income planning in Tampa! Schedule a consultation with Maggi Tax & Wealth Advisors today.
How Does the Average American Feel About Their Retirement Savings?
The consensus is that most people throughout the country feel as though they’re falling behind on saving up for a comfortable retirement, with many of them giving up on retiring at all. This concern is more common among those in their mid-forties and fifties.
Tracking Retirement Savings By Age Group
If you’re looking for a simple metric, you can refer to this guide on ideal retirement savings amounts based on age:
| Age | Retirement Savings Goal |
| 30 | One yearly salary |
| 40 | Three yearly salaries |
| 50 | Six yearly salaries |
| 60 | Eight yearly salaries |
| 67 | Ten to twelve yearly salaries |
Are you in line with this chart? If not, you can still meet your next goal with professional guidance. Our team of knowledgeable wealth advisors helps high-net-worth individuals in Tampa re-evaluate their finances and catch up on retirement savings.
The “Rule of 25” Calculation Strategy
Before meeting with an investment planner in Tampa, you can use the Rule of 25 for a general measure of how far you are in your retirement savings goal. You don’t need to be a mathematician to try out this formula, either!
Take your desired yearly salary in retirement, and multiply that by 25. This is basic math that you can do anytime on your phone’s calculator in just mere seconds.
Am I Falling Behind? Top Signs It’s Time to Re-Evaluate:
- You’re not saving at least 15% of your annual income. Any less than that amount is almost guaranteed to not be enough to meet your retirement goals.
- You’re only meeting your employer’s match. Employer-matched contributions are nice, but they’re usually not enough on their own. You will likely need to exceed this amount for decent retirement income.
- You’re using your raise for anything but saving for retirement. Many people see a raise as a reason to splurge on wants over needs. You could easily reach your retirement goals if you dedicate the extra money to funding your savings while keeping your regular budget the same.
Expert Strategies For Catching Up On Retirement Savings:
- Raise your contribution amounts to 15% of your yearly income. If that is not feasible, you can increase your contributions by 2% each year until you reach that goal.
- Utilize your catch-up contributions. You’re able to contribute extra funding past the maximum limit if you are at least 50 years of age. This is an effective way to change your investment strategy as you approach retirement.
- Meet with a skilled retirement income planner near you. These professionals can evaluate your retirement goals and current financial situation to devise a custom retirement savings strategy for you!
Learn more > How Can A Wealth Advisor Help You Plan A Secure Tampa Retirement?
Meet With Maggi Tax & Wealth Advisors Today to Adjust Your Retirement Savings Strategy!
Don’t fall behind. Maggi Tax & Wealth Advisors is here to help you reach your retirement savings goals in Tampa with expert private wealth management! Call (727) 799-1701 to schedule a consultation or to ask about our investment planning and income planning services.
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