How Much Do You Need to Save for Retirement? {INFOGRAPHIC}

Retirement isn't just for suits anymore.

Ask anyone of your older-generation friends, loved ones or family members, and they’ll all agree on how important it is to save for retirement. But as the trends below indicate, not many people save for retirement early enough, or put away enough money each month in their retirement savings accounts—and sadly, many come up short when they should be enjoying retirement.

Questions to Consider when You Save for Retirement

Do you know how much you need to save in total so that you’ll have enough retirement savings to live on for 20 years of relaxing retirement? As the infograph below shows, if you want to live off of a modest $3,000 a month in your retirement years, you’ll need to have $500,000 saved in retirement accounts. Is $3,000 enough to check things off your Bucket List? Do you want enough money saved up to not only be able to survive each month, but to also take vacations and check things off your bucket list? How much will that summer trip to Thailand cost you? On a fixed income retirement, it can be hard to budget for vacations and large expenditures if you haven’t planned ahead. So here’s your challenge SprinkleBit Nation!

How much will you save for retirement now that you have a few years to take the challenge?

Look at your savings habits today. Which category do you fall under in the retirement savings infographic below? How much do you put away each month for your retirement? Are you ahead of the curve, or are you putting off tomorrow what would yield you more savings today in the long run? Chime in below in the comments and if this becomes the one thing you read and share today, let it be an early reminder to save for retirement early and often.

UPDATE: A lot of our viewers requested more practical tips on how to save, and we cover that a lot here on SprinkleBit. Here is some suggested reading:

Learn to invest and contribute to your retirement savings by joining SprinkleBit for free, today!

Click Infographic to View Larger Version

Infograph of How Much You Need to Save for Retirement

Retirement isn't just for suits anymore.

This infographic is licensed under the Creative Commons License 2.0 for commercial or private use. Thumbnail Credit: Cassio Braga from Abduzeedo.com

Author: SprinkleBit

At SprinkleBit, founded in 2011, we believe that if you have a dollar, then you have what it takes to be an investor. Sometimes you just need a little extra help to build your confidence. With our virtual simulator and our 24 free SprinkleBit University chapters, you will be able to learn the ins and outs of the market risk-free. Once you're ready to dive into the real thing, the community will be right there with you to help you on your journey. Dive in and start taking control of your financial future. You won't regret it. For more information and to become a member of the SprinkleBit community, click here.

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