Ready for Retirement? Here’s What You Should Have Saved, And When – Tips to Get It Done

Every family is different, and it’s important not to measure yourself too closely against others — to strive to a fault to keep up with the Joneses, so to speak. 

San Francisco-based financial advisor Daniella Rand encourages prospective clients to work with an expert — or, better yet, a financial advisory and wealth management team — willing to take the time to tailor customized financial plans to clients’ needs, and to adjust those plans regularly as client needs and circumstances change.

Still, every investor can and should follow some basic best practices to prepare for retirement. One of the most important of these: maintaining a savings rate sufficient to increase their long-term financial plan’s chances of success, and achieving a rate of return on investment sufficient to maintain their present lifestyles in retirement.

With that in mind, let’s take a closer look at what experts say about how much you should have saved by key age milestones. Are you on track?

By Age 30

Statistically, you’re likely to be a couple years into marriage by the time you hit the big 3-0. You may be thinking about buying a home. How much should you have in the bank for retirement?

Opinions vary, but half your annual salary is a good baseline; an amount equal to your annual salary is the ideal. At this point in your life, you have more pressing life goals to save for, so be sure not to mix funds set aside for, say, a down payment on a home with your retirement nest egg.

By Age 40

Your savings rate should really kick into high gear during your 30s, when your kids’ college tuition bills (if any) are still years off and you’re likely to earn more than you did in your 20s. By age 40, the rule of thumb is three times your annual salary earmarked for retirement — again, not including nearer-term buckets like emergency or education savings.

By Age 50

From age 40 through age 60, you’ll want to shoot to increase your retirement nest egg (through savings and growth) by an amount equivalent to your annual salary every five years. So, by age 50, you’re looking at a nest egg equal to seven times your annual salary. 

By Age 60

By age 60, nine times your annual salary is a good retirement savings benchmark. Remember, this is the target you’ll want to shoot for to maintain your present lifestyle after you retire, and while it may not reflect pension or Social Security eligibility, you shouldn’t bank on public or private entitlements for support after you hang up your hat.

Are You Keeping the Pace?

Saving for retirement is a marathon — not a sprint. As anyone who’s run a marathon (or tried) knows, you can’t cram everything you need to do to prepare for the day you hang up your hat for good into a single year, let alone a weekend.

Does that mean your retirement ship has already sailed — that you’re doomed to a reduction of your standard of living once you stop working, or to an extended career stretching well into your 70s?

Not at all. No matter where you’re at in life or what your personal finances look like, you can take steps today to create a sustainable financial plan that includes ample room for a productive, fulfilling retirement.

It’s on you to take the first step. Are you ready?

Fundamentals to Manage Personal Finances Effectively

Taking time to manage personal finances will definitely pay off sooner or later. It is something most important that not only keeps you on the top of your financial goals but also help you prevent debts and huge interest rates. Apart from the level of incomes and financial resources, living within the means is the best possible way to fulfill personal financial needs effectively and to save money for the future as well.

Having a strategic financial management approach is a great way to manage personal finances effectively. However, some of the financial management essentials and fundamentals are listed below in this article that can help you spend money wisely.

Set up Your Financial Goals

Writing down specific personal financial goals would be a good start to move your finances into the right direction. Things like family vacations, buying a new home or early retirement can have a direct impact on how to manage your money effectively. That is the reason, listing down all the money related things will not only assist you spend money wisely but will also steer to save sufficient number of bucks for major expenses like investing in real estate or buying a dream car etc. Right after listing your financial goals, prioritize them as per their importance. While working on other goals like building emergency fund or saving money for a dream car, you should also be working on long term goals like saving money for retirement etc.

Create a Plan

A solid plan at place will help you reach your goals. Create a financial management plan with multiple and easy to carry out steps. A best financial management plan usually includes things like monthly budget plan, debt repayment plan and savings plan etc. After making your grip strong on all these things, you will have extra money to save for emergency needs and to meet the other personal financial goals.

Trim your Spending Down

Cutting down the spending and replacement of expensive stuff with less expensive is one of the best ways to manage personal finances effectively. One can find several ways to trim the spending down such as replacing rolex submariner green with a less expensive watch and cooking the food at home instead of eating from the restaurants. Use of energy efficient electronics, refinancing mortgage and shopping on discounted rates are some other ways to save personal money for many other productive and useful things. Simple to say, little lifestyle changes can help you save hundreds of dollars every month not only to manage personal finances in a best possible way but to boost savings as well.

Be Flexible

There can be a lot of unpredictable things in life. That is the reason, always be flexible enough to review your budget plan whenever needed. You may need to pay a big part of monthly budget on vehicle repairing or your might get a pay raise. All these things should be considered while creating a budget plan and there should be enough room for necessary adjustments according to the situation.

Set Savings Goal

A high level of motivation is required to save money for future which is hard to get for many individuals. However, setting up savings goal can help you save big. Building an emergency fund should one of the first step towards savings. A lot of options are available these days to boost personal savings such as direct deposit to savings account etc. It allows you to save a specific sum of money each month without forgetting a single time.

Make use of Modern Technology

We are living in digital world where things can easily be done even without spending a lot of efforts and time. There is no need to create a budget plan with paper, pencil as countless ready to use budget plan templates and apps are accessible on the web. These budgeting solutions can do a lot of things for a user such as automatic calculations, budget suggestions for the next month by analyzing the recent budgets and so on. A lot of personal finance management apps and software (free and paid) also available that one can make use of to manage personal finances with fewer efforts. Almost all banks and financial institutes also offer their customers with the convenience of mobile apps to make the execution of financial transactions easier for them.

How to Write an Essay Introduction for Various Essay Formats

An introduction is one of the essential components in essay writing. It is the section that transports a reader from their current world into the writer’s mind. The way a student writer does this determines how convincing their essay turns out.  It is not an easy task but you can find essay writer cheap help online from essay writing platforms. This article also highlights the importance of a good essay introduction and offers tips on writing one.

Importance of an essay introduction

An introduction creates the first impression and lays a foundation for the rest of the paper. It explains the context of the essay and gives readers and an idea of what to expect. To write a winning essay in any format, you have to craft a powerful introduction that not only grabs the attention of a reader but also validates the essay.  A reader can tell if the essay is worth reading by just looking at the introduction. This makes it necessary to invest time in this section for any essay type you wish to write.

Techniques for Essay Introductions

You can use the following techniques to compose a captivating essay introduction:

  • A thought-provoking rhetorical question
  • Statistics on the subject matter
  • An anecdote to grab attention
  • An interesting fact related to the topic

While every introduction has to captivate the reader, you must consider the type of essay when crafting this paragraph. Your wording and flow have to correspond to the format of the essay provided. For instance:

  1. Argumentative essay: In an argumentative essay, your goal is to present an argument and win over the reader. In the introduction, you have to state your stand and present your argument before going to the supporting facts. You should give a thesis statement on your essay to prepare the reader for the arguments in the rest of the paper.
  2. Persuasive essay: Like the argumentative essay, a persuasive paper is about moving readers to side with your opinion. From the start, you have to state your stand openly and lay a foundation for the paper. Your attitude towards the subject must come out clearly to persuade the reader.


Image 1: A student writing an essay. A winning introduction leads

  1. Compare and Contrast Essay: In this essay format, you have to present two subjects which you plan to compare or contrast. You should also show the importance of discussing the similarities or differences of the mentioned subjects to capture the attention of a reader.
  2. Narrative essay: In this essay type, you are about to tell a story and you should set a suspense-ridden foundation. A good narrative essay leaves the reader yearning for more action and you should be careful not to lay everything bare at this point.
  3. Expository essay: In this type of essay, you give an estimation of the subject from your point of view. In the introduction, you have to show the importance of the subject and the need for an exposition of the subject. You must convince the reader that you have enough knowledge of the subject to assess the subject.

Go on and craft a winning introduction for your essay using these tips.