{"id":2928,"date":"2012-09-10T09:09:28","date_gmt":"2012-09-10T16:09:28","guid":{"rendered":"http:\/\/www.marketriders.com\/investing\/?p=2928"},"modified":"2016-12-21T07:34:22","modified_gmt":"2016-12-21T15:34:22","slug":"retirement-savings-strategies-get-started","status":"publish","type":"post","link":"https:\/\/www.marketriders.com\/investing\/retirement-savings-strategies-get-started\/","title":{"rendered":"Retirement Savings Strategies: Get Started"},"content":{"rendered":"<p>You know you need to do it. You know it really matters. But what are the best retirement savings strategies out there? What works, and why?<\/p>\n<p>PNC, the bank, <a title=\"PNC savers survey results\" href=\"https:\/\/www.pnc.com\/webapp\/unsec\/ProductsAndService.do?siteArea=\/pnccorp\/PNC\/Home\/About+PNC\/Media+Room\/Press+Kits\/PNC+Perspectives+of+Retirement+Survey\" target=\"_blank\">recently asked more than a thousand folks<\/a> with at least $100,000 in investable assets about their saving habits. One of the key questions was: &#8220;What is the most important retirement-related decision made in life?&#8221;<\/p>\n<p><a href=\"http:\/\/www.flickr.com\/photos\/teegardin\/5737823348\/sizes\/z\/in\/photostream\/\" target=\"_blank\"><img loading=\"lazy\" class=\"alignnone  wp-image-2934\" title=\"Image by kenteegardin\" src=\"https:\/\/www.marketriders.com\/investing\/wp-content\/uploads\/2012\/09\/bank.jpg\" alt=\"retirement savings strategies\" width=\"384\" height=\"325\" srcset=\"https:\/\/www.marketriders.com\/investing\/wp-content\/uploads\/2012\/09\/bank.jpg 640w, https:\/\/www.marketriders.com\/investing\/wp-content\/uploads\/2012\/09\/bank-300x253.jpg 300w\" sizes=\"(max-width: 384px) 100vw, 384px\" \/><\/a><\/p>\n<p>Think about the survey-taker: Having $100,000 in investable assets puts you pretty high up on the retirement savings strategies ladder. These are people worth listening to, right?<\/p>\n<p>Here are the top three retirement savings strategies\u00a0answers, from the survey. They were:<\/p>\n<ul>\n<li>Living with my means (47%)<\/li>\n<li>Putting as much money as I can into my 401k, 403b, or comparable retirement plan (38%)<\/li>\n<li>Starting to save at an early age (35%)<\/li>\n<\/ul>\n<p>Now let&#8217;s break that down, step-by-step. Living within your means sounds easy, but consider the facts. To do it, you have to consistently spend less than you make. No credit cards.<\/p>\n<p>Nevertheless, the U.S. personal savings rate is dismal. We haven&#8217;t saved 10% of our earnings, collectively, since 1985, according to government statistics. In October 2001 the number fell under 1%. (It&#8217;s around 4% now.)<\/p>\n<p>How do we measure up on this most basic of retirement savings strategies? People in many other countries save double, triple, and more. In part, it&#8217;s because foreigners often lack access to credit, but it&#8217;s also simply because Americans spend with abandon, always certain that times will get better.<\/p>\n<p>How about the retirement plan part? According to Fidelity Investments, the average saver at work is putting away about 8% of income as deferrals, reaching $5,750 a year in 2011. That&#8217;s from a study of 11 million people in Fidelity plans. Employer matches kicked in another $3,270.<\/p>\n<p>So, if you want to be &#8220;average&#8221; about it, around $9,000 in total deferrals is your target, including free employer money. Of course, this leads up to the No. 3 retirement savings strategies idea: Start early.<\/p>\n<h2>Retirement savings strategies depend on you<\/h2>\n<p>It&#8217;s really true: time is money. If you save $5,000 a year starting at 35 and earn 6% compounding twice a year until age 65, you enter retirement with $419,862.<\/p>\n<p>If you wait to age 45 to start, you have to more than double the savings amount to $11,000 to get the same result. If you wait to 55, well, make that savings figure $30,000 a year, every year, to reach the same mark. Having just 10 years to save also greatly increases your exposure to unrecoverable market crashes. Waiting to save is the definition of risk.<\/p>\n<p>Of course, the final, unspoken king of retirement savings strategies is putting your money to work for you, instead of you working for money. Building a <a title=\"Take the MarketRiders tour\" href=\"http:\/\/www.marketriders.com\/tour\/diversify-your-money\" target=\"_blank\">solid, repeatable, simple retirement plan is the key to building wealth<\/a> that will last you well into your golden years.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You know you need to do it. You know it really matters. But what are the best retirement savings strategies out there? What works, and why? PNC, the bank, recently &hellip; <a href=\"https:\/\/www.marketriders.com\/investing\/retirement-savings-strategies-get-started\/\">Read more <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":8,"featured_media":2934,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_wp_rev_ctl_limit":""},"categories":[8],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Retirement Savings Strategies: Get Started | MarketRiders.com<\/title>\n<meta name=\"description\" content=\"You know you need to do it. You know it really matters. But what are the best retirement savings strategies out there? 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