Episode Details

J.P. Morgans new study reveals alarming retirement savings trends: most workers in their twenties and thirties save less than recommended, with rates peaking at only eight percent near retirement. Debt and life changes further derail savings, with one in five borrowing from their plans and heavy credit card debt halving savings. Early contribution increases make a significant difference, with a one percent boost over the first twenty years adding sixty thousand to your nest egg. Fidelitys benchmarks suggest saving one times your salary by thirty and three times by forty. Younger workers, start saving more now to let compounding work its magic.

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