Saving or Investing?
The more you can increase the volume of money you can save, the more money you'll have to live Financially Forever Young and reach your Never Work Again Number faster.
AVERAGE CRITICAL INDICATORS
Many people are saving less than 3%
This number shows the percent of each dollar you save of your gross income.
Projected nest egg at age 65: Sadly the average American retires with roughly $88,000
This number is based upon your current income and savings rate. The amount of money people need to reach their Never Work Again number is different for everyone. Sadly the average American retires with roughly $88,000. Most people will need much more. You can increase this number by improving your savings rate and setting up an automatic way to save each month. Watch the "Automatic Savings Machine" video to the right to learn more.
Source: Saving for Retirement (Without Living Like a Pauper or Winning the Lottery) by Gail MarksJarvis.
The national savings rate is between 0 - 3%. * This means the average American saves 3 cents or less of every dollar.
Some even have a negative rate. This is one of the major reasons people don't have enough money to reach their never work again number.