As average life expectancy continues to rise, it's important to ensure that you are saving enough money for your retirement years. For those in their 20s and 30s, now is a great time to take advantage of savings and investment trends that can make a big difference in your income once you enter retirement.

Aim for saving at least 15% of your income.
Saving 15% of your income can be challenging if you are also saving for a house, paying off student loans, or another large financial goal, but doing so now can better protect your financial security in the future. Even if 15% of your income isn't an option right now, the act of making your retirement savings a priority and consistently contributing is vital. Consider the amount you contribute secondary to building a habit of investing in your retirement fund.

Consider how your lifestyle will change in retirement.
During retirement, although you may no longer work full time or draw a salary, you may choose some form of self-employment that brings in an income. The decision is yours on whether these earnings will become part of your retirement plan. If not, your retirement savings should cover at least enough to supplement your Social Security income without sacrificing your lifestyle. Information on how to check your projected Social Security payments can be found on the Social Security Administration's website.

Determine how long your savings will last.
To get a more accurate estimate of how long your retirement savings will last, it may be a good idea to figure out your annual "burn rate." This is the amount of savings you'll need to live on each year. After you have this estimated figure, it will be easier to determine if the funds will last your full retirement. If not, adjust your savings as necessary to increase your retirement funds. It's important to remember that your retirement funds aren't set in stone, leaving you options to consider no matter your age or life stage. Our dedicated team of financial advisors in Member Investment Services would be happy to speak with you to help you setup or evaluate your retirement savings plan. Contact an advisor today.

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principle. This material was prepared by LPL Financial, LLC.

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