No matter how much you love your job and what you do for a living, I know you've thought about the time of retirement some day in the future. It's something that you've acknowledged as being along ways down the road, but you know the time will eventually come.

I thought about it way back when I was just a youngster in my twenties. Of course I did, and so did you, when the alarm went off early on a Monday morning and you were waking up with a sunburn from a weekend of leisure.

Who didn't dream of the day of doing what you want, when you want with no daily grind of going to a job? That all sounds good, but it leads to thoughts of fear.

Yes, fear. The fear of getting old and not being able to earn money like you did when you were young and not having the financial security necessary.

Therefore, you better be saving for retirement. In order to fund 25 years of retirement, you need to be setting goals. Here are some solid guidelines based on simple math:

  • By age 35, you should have saved 1x your current salary
  • By age 45, you should have saved 3x your current salary
  • By age 55, you should have saved 5x your current salary
  • By retirement, you should have saved 8x your ending salary

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