saving and retirement (Photo credit: 401(K) 2013)
Savings rates in America are really not what they should be. Studies have shown that, in order to achieve the goal of replacing 80% of your average pre-retirement income you should be saving at a rate around 17.5%. This doesn’t necessarily mean that 17.5% is the right number for everyone, because pensions and Social Security can help out in replacing some of your income in retirement. But the average savings rate for all Americans is something just south of 5% – so we can definitely do a better job. So make the effort to apply at least 1% more to your savings rate this November. It certainly can’t hurt!
Below is the list of my fellow bloggers who have written articles showing ways that you can start to increase your savings rate, as well as showing what the benefits can be. Thanks to everyone who has participated so far – and watch for more articles in the weeks to come!
1% a Small Number with Big Implications by Roger Wohlner, @rwohlner
The Journey of $1 Million Dollars Begins with 1% by Richard Feight, @RFeight
Give Yourself A Raise by Ben Rugg, @BRRCPA
The 1 Percent Solution by John Davis, @MentorCapitalMg
Friday Financial Tidbit-What increasing your retirement contributions 1% can do for your retirement account by Jonathan White, @JWFinCoaching
THE 1% MORE BLOGGING PROJECT by Robert Flach, @rdftaxpro
A Simple Strategy to Maximize Open Enrollment by Jacob Kuebler, @Jakekuebler
Take a Small Step: Increase Your Savings by 1% by Jim Blankenship, @BlankenshipFP
