I am 43, no children, how much money should I have now to be on track for retirement? I live in Upstate NY.?

Question

I do not live in an expensive area as far as real estate goes. I make an average income for the area. I do not have any outstanding debt such as student loans and pay off my credit cards every month or two. My car is paid for.

Answer 1

Assuming that you'd put away $2000/year since you were 20 into a tax-deferred or tax-free account like an IRA or Roth IRA since you were 20, and assuming that your average gain per year was 10%, you should have about $178K by now. If you continued to let that sum grow and continued to add $2000/year, you'd have about $1,584K by the time you retired at 65.

The above is just a hypothecal situation. How much you really need when you retire depends on how much you have now, how long you intend to work, how much you plan to continue contributing until you retire, and what kind of lifestyle you wish to have when you retire.

Answer 2

Think about your monthly expenses now. How much are those expenses over the course of 1 year, mortgage, credit card payment, insurance payment, taxes, etc.

Answer 3

Look at the webside www.wife.org . They have all kinds of financial information for women. Also, another way to build wealth... always spend much less than you make and save/invest the money you have saved! I LOVE ING, for saving!Good luck!

Answer 4

get the book "your money or your life" by joe dominguez and vicki robin, preferably from the library. it helped me to retire at 40 years old.

Answer 5

the amount you expect to spend annually in retirement multiply by (your life expectency - 43)

Answer 6

http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp

http://www.smbonline.com/calcs_retire.cfm

Answer 7

$100,000,000