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According to The NY Times, you should have a well-padded cushion of savings by age 50 if you want to retire comfortably.

This is how it should look:

By age 50, have five times your annual salary saved. ( ie. $100K income = $500K savings)

By age 55, have six times your annual salary saved. ( ie. $100K income = $600K savings)

By age 60, have seven times your annual salary saved. ( ie. $100K income = $700K savings)

The Times also reports that less than 13% of Americans have a pension or a solid retirement plan.

How does your situation looks? Are you on track to retire comfortably?

If not, no need to panic.

We can guide you in getting there.

If a shop owner who is currently 50 years old starts putting away $2,700 every month until he retires at 67. He would have amassed $1,245,344 by the time he retires.

Now you might be asking where will I get the money from to save? Well, most of the shop owners that I encounter are overpaying an average of $22,679 in taxes yearly.

This amount alone could easily be used to fund your retirement plan.

When we met Henry he was 62 and his shop was netting a little over $283K per year. We were able to find tax savings which allowed him to save $84K per year and in 8 years he had over $1.1M in retirement savings. 

To learn how to use your tax savings to build your retirement portfolio message me directly or book a free consultation via my website.

 

 

PIC retire.jpg

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