1. I would like to retire in 42 years at the age of 65. The average retirement age for women is between 60-62 years of age, and 62-64 for men.
2. My annual amount of money I'll need after retiring would be approxiamately $26,500 (2,205*12=$26,460) using my cost today.
Expense
Cost per Month
Rent
$1,000.00
Lights
$80.00
Cable/Internet/Phone
$150.00
Groceries
$250.00
Cell Phone
$95.00
Car Insurance
$155.00
Toliotress
$50.00
Clothing
$50.00
Beauty
$75.00
Miscellanous
$50.00
Childcare
$200.00
Total:$2,205
3. Assuming a 3% inflation rate per year from now till the day you retire, how much will you need per year at retirement?
4. Assuming you will live after retirement for 30 years and get a 6% annual rate of return, how much money do you need at retirement? (The day you retire)
5. Considering what you currently have saved for retirement (If none start with $2,000), how much will you now need at retirement? (Choose your own rate) This will reduce the amount calculated in #4
6. How much money will you need to save per year from now till retirement to reach your retirement goal, given a 9% annual return?
7. Assuming you pass 10 years earlier than expected, how much money will be left to pass on to your loved ones?
2 answers
3 answers