How Much Do You Need to Retire?

retirement stock generic

Some quick bullet points on retirement Morning Consult found in a recent survey:

• 48% of US adults aren’t saving anything for retirement

• Those who are saving mostly use a 401(k)(62%) or a savings account (53%)

• 55% of people are satisfied with their financial plan

• 2 in 3 people don’t use a financial planner

• 49% of Americans think the best time to start saving for retirement is in your 20’s

• 40% of people in their 20’s are saving for retirement

But Steve Ringo, Vice President at DeWitt & Dunn Financial Services, which has an office in Houston, adds this important caveat about a federal regulation change for 2019:

“An individual can contribute in their 401(k), 403(b) or 457 up to $19,000 a year, also if you‘re over the age of 50 you can contribute an additional $60,000.”

That’s an additional $500 annually in each age division. There are three months left in 2019 so adjust accordingly if wanted.

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