This simple chart shows what you can and can’t control when planning for retirement — and how to deal with that
That seems to be the advice from J.P. Morgan Chase JPM, +0.34% which recently released its 2019 Guide to Retirement. One of its leading charts, which it notes is a “sound plan for retirement,” is a look at the factors that those planning for retirement can — and can’t — control.
J.P. Morgan Chase’s conclusion from all this: “Make the most of the things you can control but be sure to evaluate factors that are somewhat or completely out of your control within your comprehensive retirement plan.” Saving vs. spending: Advice varies on how much to sock away, though most experts say aim to save 10% or more of your income. Fidelity has a simple way to do this: The 50/15/5 rule. Allocate no more than 50% of take-home pay to essentials, save 15% of pretax income for retirement, and save for emergencies by socking away 5% of take-home pay in savings. The rest is yours to do what you will, though paying down high-interest debt if you have it should likely be a priority.
Longevity. We assume you want to live a longer life — though this does mean you will need to save more for retirement — and to that end, Harvard Medical School has published a list of 10 things that can help lengthen life, including exercise, diet, avoiding smoking, maintaining healthy weight, and having friends.
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