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National Week of Pension Planning: How much money is needed to save?



  Week of national pension planning: how much money should be saved? CNN

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MADISON, WIS – Some news about the state of retirement in the country. A recent study found that about 40% of Americans will retire. There is an initiative this week to try and prevent this.

Monday marks the beginning of the National Week of Pension Planning, so if you postpone the debate on retirement savings, this is the perfect time to start.

The vast majority of Americans, 78%, say they are extremely or somewhat worried that they do not have enough money to retire.

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Mark Farnan on retirement income planning reports News 3 Now he often sees people who are not enjoy

"Many people do not take part in their 401 (k), and this is a very sad situation, since these dollars, which are included in 401 ( k) reduce your taxable income, "Farnan explained." Generally, many employers will make a match of one or three percent, so if you do not take part in 401 (k), you refuse the free dollars that your robot the donor is going to make an account. "

Farnan says that this year there are finally good news for social security. In 2019, people receive 2, An 8 percent increase in social benefits is the first increase from 2012 to catch up with inflation. However, you should not rely on this social security benefit. Farnan says that you must place at least 10 to 15 percent of your home to pay in savings, maximizing your 401 (k) plan immediately, when you enter the labor force, and take advantage of investment opportunities like the Roth IRA.

"Money of Roth-IRA is already taxed," Farnan added. "You will put money in your account and it will grow without taxation, because there will be no taxes on it each year as it grows, and when you go to take money, it will also be exempt from taxes."

Farnan says it's good for you to know what to go forward because if taxes are increased, what he says is that they are probably over time

[19599029] [19599029] [19599029] time. You are eligible for social welfare benefits if you need or want to, but you can take them to 70. The longer you wait, the more benefits you have. Farnan says financial managers can help you understand what's best for you and your family.

pay bills. Make it part of the usual routine. He says that you have to trust that you will have enough money to pay other obligations.

"Most people do it the other way round," Farnan added. "They pay all their bills, which they should do, and then say that when I cry all my bills, something that is ever left, I'll put something in the pot, but when you do that, you never have anything left.

Farnan says that ideally you should have between three and six months of accumulated money to do this in case of liberation or something similar. The more you save when you are younger, the more you can do when you retire. [19599029] [19599029] [19649007] that social insurance does not exist until retirement, Farnan says he does not see the government rejecting it, although the age may be several years later than now.

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