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OTTAWA - NDP Leader Jagmeet Singh says while he supports the Liberal plan to give Canadians a GST break during the holidays, he won’t back the $250 rebate proposal unless the government expands eligibility to the most vulnerable. The Liberals announced a plan last week to cut the federal sales tax on a raft of items such as toys and restaurant meals for two months, and to give $250 to more than 18.7 million Canadians in the spring. Speaking after a Canadian Labour Congress event in Ottawa, Singh said he’s open to passing the GST legislation, but the rebate needs to include seniors, students, people who are on disability benefits and those who were not able to work last year. Singh said he initially supported the idea because he thought the rebate cheques would go to anyone who earned under $150,000 last year. But the so-called working Canadians rebate will be sent to those who had an income, leaving out people Singh said need the help. A spokeswoman for Finance Minister Chrystia Freeland said it would be “categorically false” to say seniors and people with disabilities are excluded from the rebate. “In order to qualify, you just need to have made less than $150,000 in net income in 2023 and meet one of the three following criteria: received EI benefits, paid EI premiums or made CPP contributions,” press secretary Katherine Cuplinskas said in a statement. “Many, many seniors and Canadians with disabilities work.” The government intends to include the measures in the fall economic statement, which has not yet been introduced in the House of Commons. The proposed GST holiday would begin in mid-December, lasting for two months. It would remove the GST on prepared foods at grocery stores, some alcoholic drinks, children’s clothes and toys, Christmas trees, restaurant meals, books, video games and physical newspapers. A privilege debate has held up all government business in the House since late September, with the Conservatives pledging to continue a filibuster until the government hands over unredacted documents related to misspending at a green technology fund. The NDP said last week they had agreed to pause the privilege debate to pass the legislation to usher in the GST holiday. Singh said Tuesday that unless there are changes to the proposed legislation, he will not support pausing the debate. The Bloc Québécois is also pushing for the rebates to be sent to seniors and retirees. This report by The Canadian Press was first published Nov. 26, 2024.Hunter Biden's Pardon Was Predicted Back In June - By NorstaramaswamyAmazon’s Secret Weapon in AI Race! Giant Supercomputer Set to Rival Nvidia

The “Bushwick Birkin” has landed in Soho. Telfar — a New York-based brand beloved by the likes of Beyoncé , Dua Lipa, Oprah and Bella Hadid — is opening its first-ever storefront downtown at Broadway and Canal Street on Saturday. Crowned a cult must-have by the fashion set for two decades, the brand will debut its 10,000-square-foot brick-and-mortar equipped with a Telfar TV studio and a fully stocked “bag bar,” with a floor-to-ceiling display of every tote Telfar has ever produced — plus a coveted limited-edition purse. The brand’s sporadic drops have caused pandemonium, but Clemens told The Post in an interview that opening the store is a “huge milestone.” “The store tells the whole story,” he said. “It’s not just bags — it’s a cultural phenomenon and it’s a total look — 20 years in the making.” With its embossed “T” logo, the faux leather bags were the hottest of 2023 , selling out within minutes of each highly anticipated drop online. But at the flagship, near which street vendors hawk fakes, customers can purchase the handbag, lovingly nicknamed the “Bushwick Birkin,” without the stress of their preferred color, size or style selling out before checkout. Plus, a new limited-edition bag — reportedly a style that consumers have been demanding in recent years — is slated to be unveiled at the opening on Saturday, which Telfar noted is the “eve of our 20th anniversary.” The brand’s “Rainbow” style debuted at a pop-up in 2022 and drew legions of eager fans, who spilled out onto the street, shutting down traffic , and exited the store with armfuls of “Shopping” totes. This time around, the fashion label urged prospective patrons not to storm the storefront on opening day, and those who can’t miss the event will be required to RSVP for a specific time slot in order to enter. As of Friday, many of the “extremely limited” tickets for general admission were sold out. “YOU DON’T HAVE TO COME TO THE OPENING,” Telfar posted on social media , where the label also warned that the wait just to get in will likely surpass two hours . “IT WILL BE OPEN FOREVER.” “That was crazy. It was beautiful but this is different,” he told The Post. “This is our Flagship Store in NYC — we want to spread that energy over the other 365 days of the year.” One moment that won’t be forever is a spectacle slated for Saturday. In the alley behind the store, Telfar will host a talent show of sorts, allowing fans an opportunity to put on a performance. Winners could cut the line and win a tote if liked by the throngs of people and the judges, composed of founder Telfar Clemens, his friends and undisclosed New York icons. “It’s going to be a show for real,” he told The Post. “A celebration and open mic — and we have some wild surprises in store. We wanted to mark the day.” At the bag bar — which creative director Babak Radboy described to Vogue Business as operating similarly to “how you get into a club” — every tote in every color will be available for purchase, regardless of online availability, and lucky shoppers will also be able to preview new launches before the bags debut online. During events, the bag bar can process up to 4,000 orders in a single day — bandwidth that seems necessary given Telfar’s track record. Devout loyalists of the brand — many of whom have taken to social media to express their excitement for the flagship — will likely want to be on line. However, the store opening will be livestreamed as a celebration on the label’s 24-hour channel, Telfar.TV . The element of community and collaboration is an intentional aspect of the interactive brick-and-mortar, which also features a space to hang out or shoot content and ‘fit checks, which can then be broadcast to the store’s LED displays. But the real reason for a permanent Telfar storefront is to experience apparel IRL, rather than URL. Despite the brand operating as an online retailer and selling products through a drop model, Clemens wants to showcase all the label has to offer from head to toe. When asked what has been the most exciting part, Telfar said it’s been doing the work. “To be honest it’s the stuff behind the scenes,” he told The Post. “We have been building an atelier for the last three years so we can return to full 360 collections on our own terms — and do it 100% independently. That’s why the store is so central — you are never going to understand TELFAR by walking into an existing store.” Produced in the brand’s 13,000-square-foot atelier, seasonal collections of garments and accessories will be available to shop as well. At the Soho flagship, customers can browse the label’s Wilsons Leather collaboration, the Telfar Denim collection, the Performance athletic wear capsule and its athleisure apparel. And though the brand has skyrocketed in fame thanks to the internet, Telfar hopes his store fosters connection IRL. “We are so excited to have that come together in one place,” he told The Post, “and have people put down their phones and feel something.”

Low adoption of solar tech in the Philippines is not just due to cost, study finds

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Analysis: Win or lose at UNC, Belichick's NFL legacy cemented

Israel detains the director of one of northern Gaza's last functioning hospitals, Palestinians say DEIR AL BALAH, Gaza Strip (AP) — Gaza's Health Ministry says Israel’s army has detained the director of one of northern Gaza's last functioning hospitals. The announcement on Saturday came after health officials said Israeli troops stormed the hospital on Friday and forced many staff and patients outside and told them to strip in winter weather. Israel’s army didn’t respond to questions about the hospital director. It denied it had entered or set fire to the complex but acknowledged it had ordered people outside. It said it was conducting operations against Hamas in the area. The military repeated claims that Hamas militants operate inside Kamal Adwan Hospital, which officials there have denied. Israeli airstrikes hit a Yemen airport as a jet with hundreds onboard was landing, UN official says UNITED NATIONS (AP) — The top U.N. humanitarian official in Yemen says Israeli airstrikes hit Yemen’s main airport as a civilian Airbus 320 with hundreds of passengers on board was landing this week. He says a U.N. delegation led by the head of the World Health Organization was waiting to leave on Thursday as two Israeli airstrikes hit the airport in the capital of Sanaa. Julien Harneis told U.N. reporters on Friday that the most frightening thing about the airstrikes wasn’t the effect on him and about 15 others in the VIP lounge at the international airport. Rather, it was the destruction of the airport control tower as a Yemenia Airways plane was taxiing in after touching down. Trump asks Supreme Court to delay TikTok ban so he can weigh in after he takes office President-elect Donald Trump has asked the Supreme Court to pause the potential TikTok ban from going into effect until his administration can pursue a “political resolution” to the issue. Trump's request Friday came as TikTok and the Biden administration filed opposing briefs to the court. Oral arguments are scheduled for Jan. 10 on whether the law, which requires TikTok to divest from its China-based parent company or face a ban, unlawfully restricts speech in violation of the First Amendment. The brief said Trump opposes banning TikTok at this junction and “seeks the ability to resolve the issues at hand through political means once he takes office.” Bloodied Ukrainian troops risk losing more hard-won land in Kursk to Russia KYIV, Ukraine (AP) — Five months after their shock offensive into Russia, Ukrainian troops are bloodied by daily combat losses and demoralized by the rising risk of defeat in Kursk. Some want to stay in the region at all costs. Others question the value of having gone in at all. Battles are so intense that commanders are unable to evacuate their dead. Lags in communication and poorly timed operations have cost lives and commanders say they have little way to counterattack. The overstretched Ukrainians have lost more then 40% of the territory they won in the lightning incursion that seized much of Kursk in August. US to send $1.25 billion in weapons to Ukraine, pushing to get aid out before Biden leaves office WASHINGTON (AP) — U.S. officials say the United States is expected to announce it will send another $1.25 billion in military assistance to Ukraine. It's part of a push by the Biden administration to get as much aid to Kyiv as possible before leaving office on Jan. 20. Officials say the large package of aid includes a significant amount of munitions, including for the National Advanced Surface-to-Air Missile Systems and the HAWK air defense system. It also will provide Stinger missiles and 155 mm- and 105 mm artillery rounds. The officials say they expect the announcement will be made on Monday. They spoke on condition of anonymity to provide details not yet made public. An online debate over foreign workers in tech shows tensions in Trump's political coalition WEST PALM BEACH, Fla. (AP) — An online spat between factions of Donald Trump’s supporters over immigration and the tech industry has thrown internal divisions in the president-elect’s political movement into public display. The argument previews fissures and contradictory views his coalition could bring to the White House. The rift laid bare tensions between the newest flank of Trump’s movement — that is, wealthy members of the tech world who want more highly skilled workers in their industry — and people in Trump’s Make America Great Again base who championed his hardline immigration policies. Canadian Cabinet ministers meet with Trump's nominee for commerce secretary in bid to avoid tariffs TORONTO (AP) — Two top Canadian Cabinet ministers have met with President-elect Donald Trump’s nominee for commerce secretary at Mar-a-Lago as Canada tries to avoid sweeping tariffs when Trump takes office. New Finance Minister Dominic LeBlanc and Foreign Minister Mélanie Joly met with Howard Lutnick, Trump’s nominee for commerce secretary, as well as North Dakota Gov. Doug Burgum, Trump’s pick to lead the Interior Department. The meeting was a follow up to Canadian Prime Minister Justin Trudeau’s meeting with Trump at Mar-a-Lago last month. Trump has threatened to impose sweeping tariffs if Canada does not stem what he calls a flow of migrants and fentanyl into the United States. Former Indian Prime Minister Manmohan Singh, who instituted economic reforms, cremated in New Delhi NEW DELHI (AP) — Manmohan Singh, the former Indian prime minister widely regarded as the architect of the country’s economic reform program, has been cremated after a state funeral. The veteran leader, who was also credited for a landmark nuclear deal with the United States, died late Thursday at age 92. Singh’s body was taken Saturday to the headquarters of his Congress party in New Delhi, where party leaders and activists paid tributes to him and chanted “Manmohan Singh lives forever.” Later, his body was transported to a crematorium ground for his last rites as soldiers beat drums. A mild-mannered technocrat, Singh was prime minister for 10 years until 2014. Winning ticket for $1.22 billion lottery jackpot sold in California, Mega Millions says ATLANTA (AP) — At least one Mega Millions player has plenty of dough to ring in the New Year after drawing the winning number. After three months without anyone winning the top prize in the lottery, a ticket worth an estimated $1.22 billion was sold in California for the drawing Friday night. The winning ticket matched the white balls 3, 7, 37, 49, 55 and the gold Mega Ball 6. The identity of the winner or winners was not immediately known. The estimated jackpot was the fifth-highest ever for Mega Millions. The total amount of the jackpot would only be distributed to a winner who chooses an annuity paid over 29 years. Nearly all grand prize winners opt to take a cash payout, which for Friday night’s drawing is an estimated $549.7 million. A 9th telecoms firm has been hit by a massive Chinese espionage campaign, the White House says WASHINGTON (AP) — A top White House official says a ninth U.S. telecoms firm has been confirmed to have been hacked as part of a sprawling Chinese espionage campaign that gave officials in Beijing access to private texts and phone conversations of an unknown number of Americans. Administration officials said this month that at least eight telecommunications companies, as well as dozens of nations, had been affected by the Chinese hacking blitz known as Salt Typhoon. But Anne Neuberger, a deputy national security adviser, said Friday that a ninth victim had been identified after the administration released guidance to companies about how to hunt for Chinese culprits in their networks.

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Rachel Christian | (TNS) Bankrate.com Just because retirement planning involves some guesswork doesn’t mean it has to be a total mystery. Related Articles Business | The year in money: inflation eased, optimism ticked upward Business | Nearly half of US teens are online ‘constantly,’ Pew report finds Business | How to protect your communications through encryption Business | About 2.6 million Stanley cups recalled after malfunctions caused burns. Is your mug included? Business | Musk says US is demanding he pay penalty over disclosures of his Twitter stock purchases Whether you’ve been saving since your first job or you’re getting a late start, you can leverage expert-recommended strategies to gauge your progress on the road to retirement. And if you’re not quite on track, don’t sweat it — the experts we spoke to offered actionable tips to help you close the gap. You might have a general idea of how much money you need to save for retirement . A few quick calculations can give you an estimate, but to truly appreciate where you stand, you’ll need to dive into the numbers. Here’s how to get started. A good rule of thumb to estimate your retirement savings goal is the Rule of 25 . Simply multiply your desired annual retirement income by 25. The result is roughly how much you’ll need to save before hitting retirement. For example, if you plan to spend $50,000 a year, you’ll need about $1.25 million to make it a reality. The Rule of 25 is based on the idea that withdrawing 4% annually from your retirement savings should last you about 30 years. While it’s not an exact science by any means — health care costs and lifestyle changes can skew the numbers, for example — the Rule of 25 can be a good starting point to figure out how much you need to save. Fidelity Investments, a behemoth in the retirement planning space, offers savings guidelines to help you determine if you’re on track . —By age 30: Save 1x your annual salary —By age 40: Save 3x your annual salary —By age 50: Save 6x your annual salary —By age 60: Save 8x your annual salary —By age 67: Save 10x your annual salary For example, if you earn $60,000 annually, you should aim for $600,000 in savings by age 67. But like the Rule of 25, Fidelity’s guidelines offer a 10,000-foot look at retirement goals, and they’re not customized to your situation. Maybe you earned a low salary in your 20s, but you’re working hard in your 30s to make up for it. Use these estimates as a benchmark — but don’t get discouraged if you’re lagging behind. Now it’s time to zoom in a little. To get a clearer snapshot of your progress, use an online retirement calculator. These tools factor in your age, current savings, income and lifestyle goals to estimate whether you’re on track. You’ll get a more refined estimate without crunching the numbers yourself. Bankrate’s retirement calculator even lets you input different rates of return on your investments and accounts for estimated annual salary increases. Having a general savings goal is nice, but to avoid falling short in retirement, you’ll need more than a ballpark figure. Experts recommend creating a retirement budget to get an up-close-and-personal look at how much you’ll really need once you leave the workforce. First, estimate how much you’ll spend per month in retirement. While some costs will increase, like health care, others will likely decrease, like dining out and commuting. “Estimating expenses can be challenging for some people, so as a starting point, I often use your net take-home pay,” says Jeff DeLarme, a certified financial planner and president of DeLarme Wealth Management. For example, if you receive a direct deposit of $2,500 every two weeks from work, use $5,000 as your estimated monthly spending in retirement. “Assuming this was enough to pay the bills while working, we can use $5,000 a month as a starting budget to plan for,” says DeLarme. Next, map out your sources of income in retirement. Social Security is the largest income stream for most retirees, but don’t neglect other inflows, such as: —Workplace retirement accounts, like 401(k)s —Personal retirement accounts, like a traditional or Roth IRA —Pensions —Annuities —Selling your home or business —Rental income —Inheritance “If there’s a gap between your expected expenses and income, you’ll have a good idea of how much you need to save,” says Mike Hunsberger, a certified financial planner and owner of Next Mission Financial Planning. From there, you can adjust your savings and investment strategy accordingly. For something as important (and complex) as retirement planning, it pays to speak with a professional. Financial advisers can analyze your savings, investments and retirement goals to create a personalized plan. Advisers use special planning software that account for more variables than an online calculator, giving you a much more precise, granular look at your financial life in retirement. Many financial advisers can also help you optimize your tax strategy, which can potentially save you thousands of dollars over time. Make sure the adviser you hire is a fiduciary , meaning they’re legally obligated to prioritize your interests over their own. A fiduciary won’t push investments to earn a commission or recommend products that aren’t aligned with your needs. A certified financial planner is one of the most well-recognized designations for fiduciaries. You can use Bankrate’s adviser matching tool to find a certified financial planner in your area in minutes. Maybe you did the math and realized you’re not quite where you need to be. Don’t panic if you’re behind schedule. Here are five strategies experts recommend to help you catch up on your retirement savings . Cutting expenses now frees up more cash to invest in your retirement accounts. Evaluate your budget and identify areas where you can cut costs, like dining out, streaming subscriptions or shopping. Don’t rule out bigger lifestyle changes either, especially if retirement is rapidly approaching. Housing is the biggest monthly expense for most people. Getting creative here can help amplify the amount you can sock away, says Joseph Boughan, a certified financial planner and managing member at Parkmount Financial Partners. It can also reduce your expenses in retirement, so you may not need to save as much as before. “Downsizing can be a great way to cut expenses,” says Boughan. “This can even free up cash if you don’t end up needing all that money for a new home.” Moving somewhere with lower property taxes or income taxes can also help bring your retirement plan back in line. And if you’re a renter, making tough short-term decisions, like taking on a roommate or moving to a lower cost-of-living area, can free up hundreds of dollars a month for your retirement. “Everyone’s plan is unique, so exploring all the options is important,” Boughan says. Joe Conroy, a certified financial planner and owner of Harford Retirement Planners, recommends taking a “retirement test drive” as you near your target date. “Start to live on what income you think you can afford in retirement and stash all the extra income into savings and investments,” says Conroy. “If you can make it through each month, you’re ready for retirement. If you run short, then adjust your plan accordingly.” Working a little longer can be a game-changer for your retirement nest egg. Not only does it give you more time to save, it also gives your investments room to grow. “Working longer or even just part time for a few years early in retirement is one of the best ways to reduce the amount of money you need to save,” says Hunsberger. Postponing retirement can also boost your Social Security benefits . “You can claim as early as 62, but your benefits will be reduced significantly,” says Hunsberger. Meanwhile, each year you delay claiming Social Security benefits beyond your full retirement age , your monthly check will increase by 8%, though this benefit maxes out at age 70. So waiting can really pay off. It may seem obvious, but if you’re behind on retirement savings, you’ll need to boost your contributions as much as possible. Here are a few ways to make saving for retirement easier: —Increase your contribution rate: Allocate a larger portion of your paycheck to a workplace retirement plan. Even bumping up your contributions by 1% or 2% can make a huge difference down the road. —Take advantage of your employer match: Don’t leave free money on the table. Many employers will chip in between 3 and 5% depending on your plan, so make sure you’re contributing enough to take advantage of the benefit. —Use “unexpected” money to catch up: If you get a raise or bonus at work, funnel part of it directly into your 401(k). And if you get a refund at tax time, siphon some of it off to beef up your IRA. If you’ve been investing in low-risk, low-return investments, you may not be keeping up with inflation, let alone growing your nest egg. Reallocating part of your portfolio to stocks or low-cost growth exchange-traded funds (ETFs) is one way to get your money working harder. Higher-risk investments like stocks carry more volatility but also offer higher potential returns. Work with a financial adviser or use a robo-adviser to strike the right balance between growth and your personal risk tolerance. Contribution limits for 401(k) plans and IRAs are higher for people over 50. For 2025, employees aged 50 and up who participate in most 401(k) plans or the federal government’s Thrift Savings Plan can save up to $31,000 annually, including a $7,500 catch-up contribution . But thanks to SECURE 2.0 , a sweeping retirement law, a new higher catch-up contribution limit of $11,250 applies for employees ages 60 to 63. So, if you’re in this age group, you can squirrel away a whopping $34,750 a year during the final stretch of your career. Of course, you’ll need a big salary (think six figures) in order to take full advantage of such massive contribution limits. But if you can afford it, these catch-up allowances can put your plan back on track, especially if you struggled to save much early in your career. There’s no GPS to gauge your progress on the road to retirement. If you’ve veered off course or aren’t sure where to start, begin by getting a quick estimate of how much you’ll need before mapping out a retirement budget. And if you’re behind, don’t panic — adjusting your spending, boosting your contributions and speaking with a financial adviser can help you catch up. ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.‘Cancel Me’: Eric Adams Says He Would ‘Love’ To Discuss Deporting Criminals With Trump Border Czar

A new Texas GOP rule could alter the House speaker’s race — and ban some Republicans from appearing in primaries

Taoiseach Simon Harris has insisted he is not aware that any member of his team tried to get RTE to take down a viral social media clip of a much-criticised encounter with a disability care worker. The Fine Gael leader was asked about the controversy in the first question posed during the second and final TV leaders’ debate of Ireland’s General Election campaign. Mr Harris apologised over the weekend for his handling of the discussion with Charlotte Fallon while canvassing in Kanturk in Co Cork on Friday evening. The Taoiseach was accused of dismissing concerns that Ms Fallon raised about Government support for the disability sector during the exchange filmed by RTE in a supermarket. Mr Harris rang Ms Fallon on Saturday and said he unreservedly apologised for the way he treated her, however focus has since shifted to Fine Gael’s interactions with the national broadcaster about the social media video. At the outset of Tuesday’s TV debate, co-host Miriam O’Callaghan directly asked the Fine Gael leader whether a member of his party contacted RTE to ask for the clip to be taken down. “I have no knowledge of that whatsoever, because this clip was entirely appropriate,” said Mr Harris. “It was a very important moment on the campaign. “And RTE and indeed many media outlets have been with me throughout the campaign, covering many interactions that I’ve had with many, many people right across this country.” The Taoiseach said the approach by his team member was part of the “normal contact that happens between party politics and broadcasters on a daily basis”. Mr Harris’s partner-in-government in the last coalition, Fianna Fail leader Micheal Martin, said he was not aware of the approach to RTE by Fine Gael. “I didn’t realise this had happened,” he said. “I think Simon has given his explanation to it. I’m not sure it’s as normal or as usual. I just get on with it every day. But, again, I think, you know, I’m not au fait with the details behind all of this, or the background to it. “The video didn’t come down, and it was seen by many, many people. “And I think it illustrates that out there, there are a lot of people suffering in our society. “Notwithstanding the progress we’ve made as a country, a lot of people are facing a lot of individual challenges, and our job as public representatives and as leaders in travelling the country is to listen to people, hear their cases, to understand the challenges that they are going through in their lives. “And when we go about in election campaigns, we have to open up ourselves to criticism and to people calling us to account.” Sinn Fein leader Mary Lou McDonald had earlier in the day described reports of the Fine Gael approach to RTE as “chilling”. However, at the start of the debate, she was asked about a media-focused issue related to her own party, namely the controversial manifesto proposal for an independent expert review of RTE’s objectivity in its coverage of the war in Gaza and other international conflicts. Mr Harris previously branded the proposal a “dog whistle to conspiracy theorists” while Mr Martin said it was a “dangerous departure”. Ms McDonald defended the idea during the RTE Prime Time debate on Tuesday. “Politics and politicians should not try to influence editorial decisions or try and have clips taken down because they are inconvenient to them,” she said. “There has to be distance, there has to be objectivity. But I would say I am struck by the very defensive reaction from some to this (the review proposal). “The BBC, for example, a peer review looked at their coverage on migration. Politicians didn’t put their hands on it, and rightly so. “I think in a world where we have to rely on quality information, especially from the national broadcaster, which is in receipt of very substantial public funding, that has to be the gold standard of reliability. I think peer reviews like that are healthy.”Rachel Christian | (TNS) Bankrate.com Just because retirement planning involves some guesswork doesn’t mean it has to be a total mystery. Related Articles Business | The year in money: inflation eased, optimism ticked upward Business | Nearly half of US teens are online ‘constantly,’ Pew report finds Business | How to protect your communications through encryption Business | About 2.6 million Stanley cups recalled after malfunctions caused burns. Is your mug included? Business | Musk says US is demanding he pay penalty over disclosures of his Twitter stock purchases Whether you’ve been saving since your first job or you’re getting a late start, you can leverage expert-recommended strategies to gauge your progress on the road to retirement. And if you’re not quite on track, don’t sweat it — the experts we spoke to offered actionable tips to help you close the gap. You might have a general idea of how much money you need to save for retirement . A few quick calculations can give you an estimate, but to truly appreciate where you stand, you’ll need to dive into the numbers. Here’s how to get started. A good rule of thumb to estimate your retirement savings goal is the Rule of 25 . Simply multiply your desired annual retirement income by 25. The result is roughly how much you’ll need to save before hitting retirement. For example, if you plan to spend $50,000 a year, you’ll need about $1.25 million to make it a reality. The Rule of 25 is based on the idea that withdrawing 4% annually from your retirement savings should last you about 30 years. While it’s not an exact science by any means — health care costs and lifestyle changes can skew the numbers, for example — the Rule of 25 can be a good starting point to figure out how much you need to save. Fidelity Investments, a behemoth in the retirement planning space, offers savings guidelines to help you determine if you’re on track . —By age 30: Save 1x your annual salary —By age 40: Save 3x your annual salary —By age 50: Save 6x your annual salary —By age 60: Save 8x your annual salary —By age 67: Save 10x your annual salary For example, if you earn $60,000 annually, you should aim for $600,000 in savings by age 67. But like the Rule of 25, Fidelity’s guidelines offer a 10,000-foot look at retirement goals, and they’re not customized to your situation. Maybe you earned a low salary in your 20s, but you’re working hard in your 30s to make up for it. Use these estimates as a benchmark — but don’t get discouraged if you’re lagging behind. Now it’s time to zoom in a little. To get a clearer snapshot of your progress, use an online retirement calculator. These tools factor in your age, current savings, income and lifestyle goals to estimate whether you’re on track. You’ll get a more refined estimate without crunching the numbers yourself. Bankrate’s retirement calculator even lets you input different rates of return on your investments and accounts for estimated annual salary increases. Having a general savings goal is nice, but to avoid falling short in retirement, you’ll need more than a ballpark figure. Experts recommend creating a retirement budget to get an up-close-and-personal look at how much you’ll really need once you leave the workforce. First, estimate how much you’ll spend per month in retirement. While some costs will increase, like health care, others will likely decrease, like dining out and commuting. “Estimating expenses can be challenging for some people, so as a starting point, I often use your net take-home pay,” says Jeff DeLarme, a certified financial planner and president of DeLarme Wealth Management. For example, if you receive a direct deposit of $2,500 every two weeks from work, use $5,000 as your estimated monthly spending in retirement. “Assuming this was enough to pay the bills while working, we can use $5,000 a month as a starting budget to plan for,” says DeLarme. Next, map out your sources of income in retirement. Social Security is the largest income stream for most retirees, but don’t neglect other inflows, such as: —Workplace retirement accounts, like 401(k)s —Personal retirement accounts, like a traditional or Roth IRA —Pensions —Annuities —Selling your home or business —Rental income —Inheritance “If there’s a gap between your expected expenses and income, you’ll have a good idea of how much you need to save,” says Mike Hunsberger, a certified financial planner and owner of Next Mission Financial Planning. From there, you can adjust your savings and investment strategy accordingly. For something as important (and complex) as retirement planning, it pays to speak with a professional. Financial advisers can analyze your savings, investments and retirement goals to create a personalized plan. Advisers use special planning software that account for more variables than an online calculator, giving you a much more precise, granular look at your financial life in retirement. Many financial advisers can also help you optimize your tax strategy, which can potentially save you thousands of dollars over time. Make sure the adviser you hire is a fiduciary , meaning they’re legally obligated to prioritize your interests over their own. A fiduciary won’t push investments to earn a commission or recommend products that aren’t aligned with your needs. A certified financial planner is one of the most well-recognized designations for fiduciaries. You can use Bankrate’s adviser matching tool to find a certified financial planner in your area in minutes. Maybe you did the math and realized you’re not quite where you need to be. Don’t panic if you’re behind schedule. Here are five strategies experts recommend to help you catch up on your retirement savings . Cutting expenses now frees up more cash to invest in your retirement accounts. Evaluate your budget and identify areas where you can cut costs, like dining out, streaming subscriptions or shopping. Don’t rule out bigger lifestyle changes either, especially if retirement is rapidly approaching. Housing is the biggest monthly expense for most people. Getting creative here can help amplify the amount you can sock away, says Joseph Boughan, a certified financial planner and managing member at Parkmount Financial Partners. It can also reduce your expenses in retirement, so you may not need to save as much as before. “Downsizing can be a great way to cut expenses,” says Boughan. “This can even free up cash if you don’t end up needing all that money for a new home.” Moving somewhere with lower property taxes or income taxes can also help bring your retirement plan back in line. And if you’re a renter, making tough short-term decisions, like taking on a roommate or moving to a lower cost-of-living area, can free up hundreds of dollars a month for your retirement. “Everyone’s plan is unique, so exploring all the options is important,” Boughan says. Joe Conroy, a certified financial planner and owner of Harford Retirement Planners, recommends taking a “retirement test drive” as you near your target date. “Start to live on what income you think you can afford in retirement and stash all the extra income into savings and investments,” says Conroy. “If you can make it through each month, you’re ready for retirement. If you run short, then adjust your plan accordingly.” Working a little longer can be a game-changer for your retirement nest egg. Not only does it give you more time to save, it also gives your investments room to grow. “Working longer or even just part time for a few years early in retirement is one of the best ways to reduce the amount of money you need to save,” says Hunsberger. Postponing retirement can also boost your Social Security benefits . “You can claim as early as 62, but your benefits will be reduced significantly,” says Hunsberger. Meanwhile, each year you delay claiming Social Security benefits beyond your full retirement age , your monthly check will increase by 8%, though this benefit maxes out at age 70. So waiting can really pay off. It may seem obvious, but if you’re behind on retirement savings, you’ll need to boost your contributions as much as possible. Here are a few ways to make saving for retirement easier: —Increase your contribution rate: Allocate a larger portion of your paycheck to a workplace retirement plan. Even bumping up your contributions by 1% or 2% can make a huge difference down the road. —Take advantage of your employer match: Don’t leave free money on the table. Many employers will chip in between 3 and 5% depending on your plan, so make sure you’re contributing enough to take advantage of the benefit. —Use “unexpected” money to catch up: If you get a raise or bonus at work, funnel part of it directly into your 401(k). And if you get a refund at tax time, siphon some of it off to beef up your IRA. If you’ve been investing in low-risk, low-return investments, you may not be keeping up with inflation, let alone growing your nest egg. Reallocating part of your portfolio to stocks or low-cost growth exchange-traded funds (ETFs) is one way to get your money working harder. Higher-risk investments like stocks carry more volatility but also offer higher potential returns. Work with a financial adviser or use a robo-adviser to strike the right balance between growth and your personal risk tolerance. Contribution limits for 401(k) plans and IRAs are higher for people over 50. For 2025, employees aged 50 and up who participate in most 401(k) plans or the federal government’s Thrift Savings Plan can save up to $31,000 annually, including a $7,500 catch-up contribution . But thanks to SECURE 2.0 , a sweeping retirement law, a new higher catch-up contribution limit of $11,250 applies for employees ages 60 to 63. So, if you’re in this age group, you can squirrel away a whopping $34,750 a year during the final stretch of your career. Of course, you’ll need a big salary (think six figures) in order to take full advantage of such massive contribution limits. But if you can afford it, these catch-up allowances can put your plan back on track, especially if you struggled to save much early in your career. There’s no GPS to gauge your progress on the road to retirement. If you’ve veered off course or aren’t sure where to start, begin by getting a quick estimate of how much you’ll need before mapping out a retirement budget. And if you’re behind, don’t panic — adjusting your spending, boosting your contributions and speaking with a financial adviser can help you catch up. ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.

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