Retirement: 10 years left, 0 savings – Money Magazine
Um, how scary is this? Walter Updegrave from Money Magazine is trying to help these people who have 10 years left until retirement…and no nest egg. First piece of advice? Start saving…like crazy. “If you save $500 a month for the next 10 years and earn an 8 percent annual return, for example, you’ll have a retirement kitty of more than $90,000 before taxes. If you can manage $1,000 a month, you’re talking $181,000. Neither sum is enough for living large. But both are better than going into retirement with nothing stashed away.”