Kenny Kline, president and financial lead of BarBend, holds a master’s degree in mathematical finance and an MBA from Columbia Business School, and he’s worked for McKinsey & Co. and Bank of America.
He believes that by identifying a target date and a target dollar amount, you’ll answer a lot of the unknowns that have probably kept you from investing until now.
“Establishing a goal for your retirement savings can help you determine how much you will need to invest,” Kline said. “If you aim to retire at age 67, a good rule of thumb is to have 10 times your income saved. According to this formula, if you currently earn $42,000 per year, you would need to save $420,000 by age 67.”
Don’t obsess too much over the exact figure for now — that will probably change as your circumstances evolve.
“Obviously, your retirement savings goal will rely on your financial condition and retirement plans,” Kline said.
For now, the key is to develop a tentative long-term goal and timeline and to get in the habit of investing consistently as you work toward achieving that goal.
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