Saving more now can reduce amount of additional income needed later
{"Image DocumentName": "Saving more now can reduce amount of additional income needed later", "Image ImageDescription": "5, (k)  10, (k)  7,000. Pension. 74%  45,000. To demonstrate how saving more now can reduce the amount of retirement income you will need to replace later, let\u2019s look at this hypothetical visual. What if you were making  50,000 gross a year and putting away 10% into your 401(k). (10 % of  50,000 or  5,000). That would leave you with a current income or standard cost of living of  45,000. We will hypothetically jump ahead 20 years into your first year of retirement. For demonstration purposes only let\u2019s assume you will receive that year  16,000 in Social Security benefits,  7,000 in pension benefits, and that your 401(k) has produced  10,000 of income in your first year of retirement (assuming you contributed yearly, you receive a reasonable rate of return, etc. \u2013 all hypothetical and for demonstration purposes only). [click] That means you would be  10,000 short of your current standard of living. This gives you about 74% of what you would need for retirement income.  16,000. Social Security. Today. Retirement. This hypothetical example is for illustrative purposes only. The retirement income totals are for demonstration purposes only.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}