Tips, advice, and the latest news from the savings world.
September 19, 2011
We all know that we need to save up for retirement. The question becomes how much do I need to save? One of our Facebook page fans recently suggested that one should save 15% of gross income savings for retirement but was unsure if that was for one person or both in a joint household. As for the 15% part, I found this great article that details the difference between saving 10% and 15%. As for who needs to save that percentage, I’m not an expert but I’m pretty sure both you and your significant other will need to save for retirement.
Luckily there are many online calculators to help us figure out how much money you (or each of you) will need to save. Each calculator works a bit different but to make sure you are saving enough you can run the numbers twice. Once with just your income and how much you are saving; and once with your joint income and how much each of you are saving. Learn more about savings for retirement on America Saves, and then calculate your number.
Here are some great resources to help you find your number:
September 14, 2011
By Katie Bryan, America Saves Communications Manager
The U.S. Census Bureau announced yesterday that in 2010, median household income declined and the poverty rate increased.
Specifically, the poverty rate increased from 14.3 percent in 2009 to 15.1 percent in 2010. That means 49.9 million live in poverty in the United States. In addition, the Bureau found that real median household income declined 6.4%.
This means that budgets are getting tighter across the nation. These numbers exemplify the importance of having an emergency savings. Having an emergency savings fund may be the most important difference between those who manage to stay afloat and those who are sinking financially. That’s because maintaining emergency savings of $500 to $1,000 allows you to easily meet unexpected financial challenges like repairing your car, paying for a visit to the doctor, or flying to visit a sick parent.
Are you financially prepared for a sudden emergency? Let us know on our Facebook page.