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Saving Matters! Start saving, keep saving, and stick to. Know your retirement needs. ... Contribute to your employer's retirement. Learn about your employer's pension plan. ... Consider basic investment principles. ... Don't touch your retirement savings. ... Ask your employer to start a plan. ... Put money into an Individual Retirement.

Work on minimising your debt and putting more savings into pension and retirement funds for a safe and secure future. Planning for retirement in your 50s is crucial to secure your financial future and maintain a comfortable lifestyle during your golden years.

A few options are available if you have little to no money saved for retirement. One option is to downsize your lifestyle and live in a more affordable location. Another option is to continue working part-time during retirement. Finally, you may collect monthly payments from Social Security.

The starting point is the calculation of expected expenses at the age of retirement, which in your case, is 45. These expenses must then be inflated, assuming a realistic inflation rate of 6-7% until the age of 90. The future expenses must then be discounted using an after-tax FD interest rate.

The average monthly retirement income adjusted for inflation in 2023 is $4,381.25, ing to a 2022 U.S. Census Bureau report. The average annual income for adults 65 and older in 2023 is $75,254 ? or $83,085 when adjusted for inflation.

Follow the 3% Rule for an Average Retirement If you are fairly confident you won't run out of money, begin by withdrawing 3% of your portfolio annually. Adjust based on inflation but keep an eye on the market, as well. Take Our Poll: Who Has Given You the Best Money Advice You Have Ever Received?

Simply put, the rule suggests that for every $1,000 of monthly income you wish for in retirement, you need to save $240,000. If you're aiming for a monthly income of $3,000, that means you should aim for a savings goal of $720,000 for your retirement.