Save For Retirement, No Matter What Your Salary

photo credit: Ange Soleil ( a.k.a Tweng )

Headlines seem to always highlight how unprepared we are for retirement, making even the recent college graduate feel like he won’t save enough to retire before 90. The good news is that you, everyone, can save enough to retire, even on a low income.

Begin by evaluating your saving needs with the what you need to save calculator, which will take your age, salary, and current savings into account. The result will clue you into the annual savings necessary to retire at age 65 with 80% of your pre-retirement income.

After these preliminaries, its time to dig a little deeper into your retirement savings plan, using more in-depth calculators like Fidelity’s Retirement Income Planner”. Don’t forget to factor in your projected Social Security benefits.

If you nose around retirement websites, you’ll find a wealth of information on investments, alternative ways to save money, and more. Educate yourself, but if you feel lost, don’t hesitate to hire a financial planner, especially one that specializes in retirement planning. A good financial planner will be able advise you, taking into account all personal considerations.

Don’t worry that a low income will prohibit you from saving for retirement. If the goal is not to retire like a king, but to maintain your current lifestyle, you can achieve it.