June 10, 2018
Here’s Your Do-or-Die Retirement Plan If You Have Nothing Saved
Invest
Your retirement nest egg will last longer if you invest part of it rather than just keeping it in a savings account. The national average savings account yield as of June 4 was just 0.08 percent. With inflation running at 2.1 percent per year, you’re actually losing purchasing power by keeping all your money in cash or savings.
What You Can Save
No matter how conservative an investor you are, to get your money to last throughout your retirement you’ll need some exposure to growth investments like stocks. Earning even 5 percent on a $10,000 portfolio over 10 years would result in about $6,300 of additional funds at retirement.
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