Scott Spann, Financial Advisor
The best approach here is to get started with your retirement savings as soon as possible. At 32, you still have plenty of time on your side. If you have a retirement plan at work (401k, 403b, etc.) you could start there and should make sure you at least take advantage of any employer matching contributions. If you don't have a retirement plan available at work, you can save up to $5,500 per year in an Individual Retirement Account. Either way, make savings automatic through payroll deposits or automatic transfers and save as much as you can.
An initial goal of saving 10-15% is a general guideline to start with, but the best way to know how much you will need to meet future retirement income goals is to run a basic retirement calculation. It's hard to accurately predict exactly how much income you will need because it all depends on your and your life goals. In general, about 70-90% of your current income is typically needed to replace your current lifestyle. For a ballpark estimate perhaps try to replace about 80% of your income during retirement.
Here are some resources to help you get started:
How can I recover from a late start to saving for retirement?
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