(WTNH)– The COVID-19 pandemic has pushed some people to retire much sooner than planned, meaning their savings might not go as far as they hoped.
Local Financial Expert Roger Cowen from Cowen Tax Advisory Group explains how much we should save and how to catch up if we’re falling behind.
Cowen says in Connecticut, $1 million will only last a little more than 15 years. Here are a few savings milestones he suggests you should work toward reaching throughout your career:
- By age 30, save the amount of your annual salary.
- At age 40, you should have three times your annual salary tucked away in retirement savings.
- You should have six times your annual salary saved at age 50.
- At age 60, your goal should be 8 times your annual salary
- At age 67, you should aim to have 10 times your annual salary in retirement savings.