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    Financial Expert Says People Need $2.5 Million to Retire

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    Geo Beats

    by Geo Beats

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    It is a challenge for most people to try and put aside money for the future by saving for retirement. Justin Sinnott, a financial consultant for the Charles Schwab Foundation claims that the amount needed for a comfortable 30 year long retirement is two and a half million dollars.

    It is a challenge for most people to try and put aside money for the future by saving for retirement.

    Justin Sinnott, a financial consultant for the Charles Schwab Foundation claims that the amount needed for a comfortable 30 year long retirement is two and a half million dollars.

    Part of the Charles Schwab Foundation’s goal is to help young people learn to be financially literate.

    And National Save for Retirement Week, a government resolution established in 2006 and held every October, aims to educate people on how to plan for retirement.

    The term retirement itself might seem antiquated since few employers actually offer a retirement plan for their employees, so Sinnott says that a better way to look at it is financial independence.

    To reach any retirement goal, Sinnott suggests that people start planning early on in their lives by saving a small percentage of their income for their retirement fund.

    According to some experts, the suggested percentage of income that should be going towards retirement increases significantly the longer someone waits to start planning.

    What do you think? How early should people start planning for retirement and how much should you save?