ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Ron
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They are likely going to have to both work until they are 99.
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Bob
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They could both retire tomorrow.
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Detailed explanation-1: -Did you know that if you save $500 each month, you’ll end the year with $6, 000 in savings?
Detailed explanation-2: -Here’s the Retirement Savings Formula: Start with current income, subtract estimated Social Security benefits, and divide by 0.04. That’s the target number in today’s dollars.
Detailed explanation-3: -Start saving today. You can probably find plenty of reasons not to save money. Sign up for your employer’s 401(k) If you’re eligible to participate in a 401(k) at work, do so. No 401(k)? Be aggressive with your investments. Build an emergency fund. 13-Dec-2022
Detailed explanation-4: -Take Advantage of Employer Matching. If you have an employer that offers 401(k) matching, it’d be foolish not to take full advantage of it. Pay Off Your High-Interest Debt. Invest 15% to 20% of Your Income in Your Retirement. Invest in IRAs. Save or Invest Unexpected Cash. Prioritize Yourself. 4 days ago