WZZM Feature: Money Saving Tips with Kroon & Mitchell
Thanks to WZZM's weekend crew for talking with our own Phil Mitchell, CPA, CFA, about how to plan for retirement.
"So just how much should we be saving for retirement? Mitchell offers this perspective...most people don't have a company pension anymore...now you need to create your own. "The way you do it is you save between 10-20 percent like the company would do on your behalf, the later you start the more you should be looking at 20 percent. So if you are in your 20s and you are saving 10 percent, that may be sufficient. You know, if you are in your late 40s and you are just starting, maybe closer to 20 percent. Really what that allows you to do is determine when do you want to retire. The more you are saving will allow you to retire earlier."
