The need for improvements in education and the creation of unique opportunities to save for retirement are evident in the following statistics:
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At age 50, 75% of the US population has less than $5,000 in retirement saving
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At age 65, in order to survive:
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45% depend on relatives
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30% depend on charities
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23% must continue to work
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Most work until physically unable
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Only 2% of those over 65 are self-sustaining
How does Time to Save help me save for retirement?
Every time you purchase an eligible good or service with a Time to Save contributing company, a portion of your purchase price will be contributed to your Time to Save account. To start saving, simply enroll for free on the Time to Save site and begin earning contributions with our contributing companies. You then may choose to link your Time to Save account to a savings account of your choice. To help you save even more, you can invite family members and friends to also join Time to Save and contribute into your account.
Set your goal
To maintain your lifestyle in retirement, you’ll need roughly 80–90% of your annual income at retirement age. What will you be making then? Assume a 1–2% average annual real growth rate until your target retirement age, less 10–20%, to get your number. Or use a retirement calculator at Ameritrade, Etrade, Motley Fool, or Fidelity.
Never let your money retire
You should enjoy 25–30 years of chasing grandkids, changing the world, or whatever you choose to do after 65. Keep your money invested and you’ll only need 20x your last year’s salary on the day you retire to make ends meet for 30 years. If you’re counting on Social Security, you’ll need roughly 15x.
Start saving yesterday!
Einstein called compound interest the “eighth wonder of the world.” Why? In an average stock market, every $1 you invest in your 20’s will be worth $10 at 65, in your 30’s $2, and in your 40’s $5. So, if you didn’t start saving yesterday, start today!
