2006-06-28 13:32:43 · 10 answers · asked by Robert U 2 in Business & Finance ➔ Personal Finance
So much left unanswered. Do you wanna retire now or in 20 years? My assumptions are that you are married and children will be on their own, you have no debt whatsoever, can obtain a 6% rate of return, will retire in 20 years when you are 60, and need about $50,000 a year for 20 years of retirement.
You will need to have $575,000 in savings in 20 years.
You can obtain this amount by saving about $16,000 a year for the next 20 years (6% rate).
This scenario is very obtainable. Of course, numbers will be different as the factors above change. Good luck.
2006-06-28 16:59:06 · answer #1 · answered by Amanda 3 · 0⤊ 0⤋
There are a lot of rules of thumb for this answer and a lot of information needs to be used or assumed. I have read that you can withdraw approximately 4% of your bankroll (assuming the recommended diversification of funds for a retired person) and the money will last about 30 years or so.
So, think of how much per year you think you'll need to live and multiply that number by 25 and you'll have a very crude, and probably low, estimate. It's a sobering experience.
2006-06-28 13:44:43 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I personally would try to set things up so you need as little money as possible and at the same time save as much as possible. Who knows the state of the world in thirty years. You may never get to retire.
2006-06-28 13:39:44 · answer #3 · answered by coolforbeer 3 · 0⤊ 0⤋
You should have a net worth of 400,000 buy the time you are 40 and 500,000 by the time you are 50 and 650,000 by the time you are 65.If you are ahead of this congradulations if not start saving and stop spending.
2006-06-28 13:40:57 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You would need enough to live comfortably for the remainder of your life. If you expect to live another 30 years, and want to live at a $30k/yr status, you would need $900,000. You would also need to factor in the rise of inflation each year, and cost of living expenses. How lavishly you want to live will depend on what you should save or need right now.
2006-06-28 13:38:52 · answer #5 · answered by iiboogeymanii 4 · 0⤊ 0⤋
A lot .. you will need 1/3 of your salary * 15 years ( average men's lefe is 70-75), then you should live okay..
2006-06-28 13:36:11 · answer #6 · answered by YourDreamDoc 7 · 0⤊ 0⤋
u are still 30 years away from retirement...
2006-06-28 13:35:44 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Couple mil in solid income-producing investments.
Somethng close to a 5% return would be nice.
2006-06-28 13:38:37 · answer #8 · answered by PI Joe 5 · 0⤊ 0⤋
A good $100,000, I'd say!
2006-06-28 13:42:18 · answer #9 · answered by loudy_foudy 4 · 0⤊ 0⤋
alot
2006-06-28 13:35:05 · answer #10 · answered by Anonymous · 0⤊ 0⤋