frank flaiano [email protected] determining how much money you need to retire will...
TRANSCRIPT
Determining how much money you need to retire will require careful scrutiny of your spending habits as well as a bit of number crunching. The most important step you can take to determine how much money you will need to retire is taking the time to come up with a realistic estimate of how much you will spend each year in retirement.
Once you have an estimate of your retirement expenses, you can use online retirement income calculators to help you with rest. Whether you use an online calculator or you crunch the numbers by hand, here are the steps you will need to go through to determine how much money you need to retire
Click here to view a retirement calculator
Could you Retire now?
Lets say that when I am 22 years old, my career as an accountant major gives me a job opportunity with a CPA firm with a starting salary of $43,500. I plan on retiring at 62, and I plan on living until at least 88 years old.
What is your life expectancy?
Start Saving Now
For example… Average Inflation Rate: 3% Age to start Career: 22 Years living after Retirement: 26 Savings Rate: 10.28% Amount Saved Annually: $4,471
Check out where you need to go with your retirementwith interesting facts from Vandard’s retirement page
Determining how much to Save
My Savings VS My Salary Click Here to see why people put off saving for retirement
Start working 10 years later 15 years later 20 years later 25 years later$0.00
$10,000.00
$20,000.00
$30,000.00
$40,000.00
$50,000.00
$60,000.00
$70,000.00
$80,000.00
$90,000.00
$100,000.00
My salaryMy savings
Salary
Percentage of Salary SavedFor more Retirement tips, Click Here
Start working10 years later
15 years later20 years later
25 years later
0.00%
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
% of Salary Saved
% of salary
1. Budget-Set a budget for you and your family 2. Get a Full Match-Contribute at least the maximum that your employer is willing to match 3. Max Out Your 401k-will help you reduce income taxes and save more money
For more tips to retiring early, Click Here
3 Tips for Early Retirement
Retirement is no laughing matter, that is until you retire. Everyone works their whole life to make a living, support their family, and achieve that ultimate goal of retiring. You don’t want to be the one out of your group of friends that can’t go golfing, or go the shore, or go on a beautiful vacation around the world because you’re working and they’re retired. Start saving early and reach retirement as soon as possible!!
Click here for why to save early!!
Conclusion
http://gosset.wharton.upenn.edu/mortality/perl/CalcForm.html https://
personal.vanguard.com/us/freshness/insights/hub/overview.jsf http://
www.bankrate.com/finance/retirement/3-tips-for-early-retirement-investing.aspx
http://moneyover55.about.com/od/preretirementplanning/a/howmuchtoretire.htm
http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp
http://www.ehow.com/list_6710501_retirement-tips.html http://christianpf.com/reasons-why-people-dont-save-for-retire
ment/
http://money.usnews.com/money/blogs/On-Retirement/2012/02/02/start-saving-for-retirement-early
Sources
