We Need $1.7 Million to Retire??? Stop the Silliness!

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How Much Money You Need To Save To Retire By Age 40

The more you save, the sooner you can retire. But how much do you actually need to save before retiring? Business Insider reporter Lauren Lyons Cole breaks it down in this video.

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Following is a transcript of the video:

First, figure out how much you spend each year, then divide it by 4% (0.04).

This is how much you need to save before retiring.

Once you know your goal, you can leave work as soon as you reach it. But to make this work you have to invest your savings.

You can survive for only 25 years on these savings alone. So if you retired at 40, you would have to start working again at 65. But there's a way to make it stretch even longer.

Continue to invest and earn an average of 5% on your investments each year, then you will have enough to live on for the rest of your life.

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Business Insider is the fastest growing business news site in the US. Our mission: to tell you all you need to know about the big world around you. The BI Video team focuses on technology, strategy and science with an emphasis on unique storytelling and data that appeals to the next generation of leaders – the digital generation.

SIMPLE retirement plans can help small business owners — American Funds

If you’re a small-business owner, you’re probably already investing in your retirement. But did you know that your small business can help with your retirement savings even more? A company retirement plan provides value to employees and business owners. Not only can these plans help you attract and retain quality employees, you can also invest more for your future while reducing your current taxable income. A SIMPLE IRA allows small business employees to save more toward retirement on a tax-deferred basis than they could on their own. To learn more, watch this informative video about Savings Incentive Match Plans for Employees (SIMPLE) IRAs.

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Securities offered through American Funds Distributors, Inc.

https://www.youtube.com/watch?v=qW8ps6gIxNI