What you make in your lifetime won’t travel in a straight line. While many think their wages will keep climbing all the way to retirement, Federal Reserve data finds that average earnings tend to taper off later in one’s career.
Which makes saving early and planning proactively more important than ever.
The latest issue of Modern Retirement Monthly , uncovers key findings that can help keep you on track:
- What you make is not a constant. Federal Reserve data shows that household income peaks at the average age of 56.*
- Saving matters. Automatic contributions to savings and benefit plans can help boost pre-retirement savings and the likelihood of meeting your goals.
- College can give you a leg up. Those who have a college degree earn, on average, $20,000 more per year and $2 million more over their lifetimes than those who don’t have a college degree.*
Overall, UBS says it’s important to identify your future savings rate — to help you meet goals and expenses during retirement — and to map out what your current safe savings rate should be, understanding the non-constant earnings dynamics expected over your career.
Working together with your UBS Financial Advisor, you can create a financial plan that takes into account all of these variables and that can adapt as your life and the markets change.
Are you doing all you can to have the retirement you want? Together we can find an answer. Connect with your UBS Financial Advisor today or find one.