When it comes to retirement, Gummow says pay yourself first. If you save 10% of your income each year, most likely you’ll be able to retire with the same amount of cash you earned during your peak working years. But start now, a person who starts building their nest egg at the beginning of their career will have double the amount of savings than a person who starts 10 years later.
Gummow says during the last couple of years before the recession, the average American household spent $300 more than the income they brought in.
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