Retirement Planning Experts Advise Starting Early and Saving 20% of Income

Financial advisors have outlined strategies for building a sustainable retirement plan, emphasizing disciplined saving and investment.

• Authors Edward McQuarrie and William Bernstein recommend that young workers save at least 20% of their annual income throughout their careers.
• McQuarrie and Bernstein advise maintaining a fixed spending level and directing any salary increases, bonuses, or inheritances toward low-cost index funds or target-date retirement funds.
• Financial expert Hassan Hatoum stated that individuals should base their retirement plan on the lifestyle they want after retirement, not on the size of their investment portfolio.
• Banking and asset management expert Joe Riachi said that reducing high-interest debt and monthly obligations before retirement is more important than merely accumulating wealth.