How Saving Eight Times Your Salary by 60 Is More Achievable Than You Think

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00:00experts at fidelity investments say that by age 60 we should all have eight times our income and

00:09savings a whopping eight times our income yeah i know it sounds pretty lofty but there are real

00:16ways to make this happen and it should start way before your 60th birthday experts say first get

00:21all the free money your employer offers some companies offer an employee sponsored retirement

00:26plan like a 401k and matches whatever you contribute nerd wallet suggests that you direct

00:32your first savings dollars into that account at least until you receive the full match next tip

00:37watching your spending especially with credit cards balances of credit cards can set you back at any age

00:43an expert tells cnbc that the ease of online shopping can increase impulse buys they suggest following the

00:5024-hour pause rule or waiting 24 hours to buy something you want it's a psychological way to

00:56slow down the buying process and help curb spending tip number three pay off your mortgage all experts

01:02agree that the timing of when you do this is personal and depends on many factors but it should definitely

01:07be a priority ivory johnson with delancey wealth management tells cnbc select that your mortgage is

01:14usually 30% to 40% of a person's spending and since the biggest fear of any retiree is running out of

01:20money not having a mortgage means they'll always have a roof over their head other things to keep in

01:25mind discover a passion that brings in income and invest in an ira especially if your company

01:30doesn't offer a 401 plan always to make sure by 60 you're set for retirement