A recent survey from GoBankingRates found that in 15 US states, individuals need $1 million or more in savings to retire comfortably. Providence Financial & Insurance Services president Anthony Saccaro joined Wealth to share his insights.
Saccaro points out that several "myths" exist about retirement savings requirements in the US. "What you need is ... income; retirement is all about how much income you can get for the rest of your life," he explains. "That would be a definition of successful retirement."
Saccaro offers age-specific investment strategies for retirement planning. He advises those 30 or younger to dollar-cost average and invest "almost as aggressively as you can." When people reach their mid-40s to 50s, he recommends they "start shifting more towards more conservative investments," reducing aggressive approaches while focusing on dividends and growth. For those already in retirement, Saccaro emphasizes the importance of prioritizing income-generating investments.
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This post was written by Angel Smith