Infographic: How to Plan (Pay) For Your Retirement by Mark Johnson
Going to retirement someday? Here are some fact you might need. This infographic from Mark Johnson compiles statistics and advice from the experts on what actions you should be taking if you are going to retire using using your own nest egg. He has also included a list of his sources so you can do a little checking of your own. Of course, the piece of advice I thought to be wisest...SPEND LESS THAN YOU EARN! Other key points:
- Avoid acquiring more debt and pay off high interest debts first.
- 36% of income should be used to pay off debt. And 28% of total pre-taxed income should be going toward your mortgage.
- Take care of your IRA and 401k plans.
- 10% of your income should go to an IRA or 401k retirement plan.
- Plan to have saved 8x your yearly income by the time you retire.
What would you add to this infographic if you had a say? Here it is...only on Retire In Style Blog. Take a look!