Notaries should regularly be putting a minimum of 15% of their gross revenue in to some sort of retirement vehicle as well as putting 5% of their gross revenue into a liquid savings account for emergencies and illness.
This formula applies to all workers, not just notaries. However, the majority of workers have the benefit of a matching 401 (k), sick pay and short and long term disability protection.
All of us should have 8-10 months of living expenses in a liquid savings account. Those of you who are living the dream making $1,000 a week should be putting a minimum of $300 every two weeks in to an IRA (or other type of retirement account) and $100 every two weeks in to a liquid savings account.
Obviously this does not apply to those receiving a pension, plus social security and are able to withdraw a small amounts from a meaningful IRA. $500,000 is the recommended minimum to have at age 65 in a IRA. And of course the goal is to be completely mortgage free at age 65.
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