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If you?re under 35, it may have been some time since you thought about how much to put away for retirement. Studies show that the earlier you can start saving for retirement, the better off you?ll be.
The harsh reality is that on average, your pension will only replace about 42% of your salary. That?s why it?s so important to set money aside into a Roth IRA or the Deferred Compensation Program.
Most financial advisors suggest saving at least 10% of your gross income starting in your 20s.
You can?use the DCP calculator to get an estimate of how much you?ll have in retirement with your current contribution rate. If you don?t know how much you?re currently contributing to DCP, log into to your online account.
Whether you just started working or you?re a few years away from retirement, we have some resources to help you with your planning, anywhere on your financial journey.
See all?DRS news at drs.wa.gov/news
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