You’re nearly a year into your first job as a demurrage insurance analyst for a significant transportation and logistics company. Your father was a deckhand at one of the commercial shipping companies in the state. He passed away just a few months after assuming your job. All his income was spent providing for you and your brothers. He didn’t manage to save anything for himself until the very end. He’s part of the reason you’re working in the industry you are now.
You admired his dedication to his work and his commitment to his family. And he was undoubtedly proud of his accomplishment through you and your brothers. But you want to do a bit better than how your father did, particularly on the financial aspect. This early, you are researching the best way to invest for your retirement.
With the way you are thinking, you are certainly not part of the 21% of Americans who aren’t setting aside anything from their income, neither for retirement nor emergencies. While 28% can save between 6% to 10% of their income, It’s still a struggle for many as about 20% are only able to save 5% or less of their income for a rainy day.
Financial experts suggest that if you are in your 30s, you should be putting away more than 16% of your annual income to live comfortably by the time you retire in your 60s.
According to Bankrate.com, the primary reason why American’s aren’t able to save is expenses. This is about 38% of Americans. Those who haven’t put much thought about it or consider their job as inadequate to make savings, combine for 32%. Here are a few more ideas you should consider in pursuing your plans to save early for retirement.
These are a few options for you to consider. Aggressively betting on the stock market is also an option, but it can present some risks. Make sure that you get the proper financial advice from a person you can trust.
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