RICHMOND, Va. (WWBT) - Americans are saving more for retirement--- by putting more of their salaries into 401K accounts.
7.7%-- that’s how much of their salaries Americans stashed away in 2018. It may not seem like much-- buy according to fidelity investments estimates: a 35 year old earning $60,000 a year would save an extra $85,000 by retirement age by increasing a 401K contributions by just 1%.
If your work offers a 401 plan-- invest in it. Try to put upwards of 10% of your salary in.
If that’s too much-- start with 3% and increase it by 1% every year you get a raise.
If you don’t have access to a 401K-- or you are self employed-- an experts say an IRA is the best option. Which you can set up with most brokerages and some banks.
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