401 K 401 : 401k Fund Essay

1634 Words7 Pages

401 K
410 (k)
401K Fund

How Much Do You Need To Have Saved For Retirement?

Before starting, let’s understand one thing. The amount you have in your retirement fund right now has nothing to do with how much will be there when you retire. Just because you are making poor quality contributions now means nothing, you may become very rich next year and start topping up your 401K like a member of the Hollywood elite.

You may add a minimal amount until the age of 60, whereupon you make some smart investments outside of your 401K and increases your savings by tenfold so that you do not need your retirement fund anymore. Do not limit your investing and your future wealth building to your retirement plans.

H3 Save, Invest, Work Hard And Earn

In addition, while saving in your 401K, you should also be saving, working hard and investing so that you do not have to rely on it when you retire. Think of it more as a backup account for if your current wealth building methods do not pan out. With that said, here is how much you need to have saved in your 401K for your retirement.

H3 What About The Old “One Size Doesn’t Fit All” Saying

I have read many articles that say the amount you save for retirement depends on X, Y and Z. They all say that one size doesn’t fit all, but we are not saying that. In this article, you will see solid numbers and you will see usable percentages that you can apply right now to your 401K savings plans.

H3 What Is Your 401K Fund

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