How do I know how much I need to save for retirement?
Fritz Wood, CPA, CFP
"First, add up your cash flow from all sources, including Social Security, income from rental properties, and any pension," says Fritz Wood, CPA, CFP, Veterinary Economics Personal Finance Editor and a financial consultant who owns H.F. Wood Consulting in Lake Quivira, Kan. Unsure about your Social Security benefits? Check out
http://www.ssa.gov/ to find out how much to expect. "Then, if you want $75,000 in annual income and $15,000 comes from Social Security and $30,000 comes from rents collected, you need to save enough money to pay yourself $30,000 annually. A good rule of thumb: Save 25 times the yearly amount, which is $750,000 in this case," Wood says. Want more information? He says to visit
http://www3.troweprice.com/ric/RIC/ for a great online retirement-income calculator.
Since 2009, technicians paid by the hour have experienced a bump in pay, but pay for other team members has stayed stagnant, according to data from the 2014 Firstline Career Path Study. Here’s a look at changes in team pay from 2009 to 2013.