When making retirement plans, it's crucial to have a realistic picture of how to meet your future income needs. Unfortunately, many people end up believing common myths that lead to underestimating the amount they'll need saved and overestimating the help they'll get in covering expenses. You don't want to be one of them, so make sure you know the truth about these three common retirement myths. Saving 10% of your income for retirement is enoughSaving 10% of your income is common advice you've probably heard before, but unfortunately it can leave you woefully unprepared for retirement -- especially if you don't start saving very early. Say, for example, you have an income around the median of $51,480 and you get 2% annual raises until retirement.

Source: Daily Sun October 05, 2021 13:07 UTC