I have just bought my first flat and am 31. Assume I am retiring at 65.
2007-01-14 22:09:20 · 13 answers · asked by SmartBlonde 3 in Business & Finance ➔ Personal Finance
11.2% of your income will provide you with a similar income when you retire (assuming compound growth of 4.5%)
2007-01-14 22:13:31 · answer #1 · answered by smm2424 2 · 0⤊ 0⤋
truly your husband is ideal. because the abode price is so small it truly is more suitable significant to totally fund your retirement money owed so that you would construct an excellent number of important which will earn pastime over your retirement years. In 5 years you should placed away a minimum of $125k minimum!!!! and that is only in his 401k and your classic IRA. Now, you're saying you need to retire in 5 years. in case you are able to make that 7 years then i imagine you'd be ok. because a) that is yet another 40k into the plan (and your stability will in all probability have doubled from pastime if acceptable invested). The pastime you'll earn in those very last 2 years will pay off the deepest loan. All about the capacity of leveraging compound pastime on your want. Compounding desires 2 issues to artwork...time and returns. in case you wait, you eliminate time from the equation and also you're out of success.
2016-10-31 03:41:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
that all depends on your idea of comfort i am not a expert an it might be a good idea to contact one but here are the steps i would take to figure it out
figure out what you expect to have to pay for:
1 your necessities (food, monthly bills, toiletries, your home, etc.)
2 entertainment (cable, Internet, dining out, going to the movies etc.)
3 other bills (credit cards, life/medical/auto insurance, maintenance for house/car, clothing, prescriptions, etc)
* i know you said that you just bought your flat but do you plan to stay there the rest of your life? if not you might still have a house payment so plan for it just in case
* just because you aren't taking medication now doesn't mean you won't be when you retire so again plan for it anyway
now decide on how much you want left over for casual spending each month (be generous)
add these totals together
add 10 to 15 % (inflation is a beast!)
now figure out how long you expect to live past retirement in months(morbid yes but necessary)
figure out how long till you retire in months
multiply your $ total by the # of months you expect to live on retirement
Davide this amount by # of months till you retire and you will have your answer
hope it helps
2007-01-14 22:37:44 · answer #3 · answered by dreamer 4 · 0⤊ 0⤋
By the time you reach retirement ago the world will be a very differed place than it is today as the oil will have run out and we shall be living in a medieval type society.
Live now and remember what Einstein said "Don't worry about the future it will come soon enough"
2007-01-14 22:24:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You'll need to seek the advice of a retirement specialist. But a good place to start is to put 10% of every pay check into a savings account. Then seek help as to what to do from there.
2007-01-14 22:15:08 · answer #5 · answered by capnemo 5 · 0⤊ 0⤋
There is no straight answer for this.It depends on how much you require pm at the age 65.You have got almost 31 years.Taking in to account anual inflation set your target.Ideal calculation amount of income generated should be sufficient to maintain your present standard of life.
2007-01-14 22:22:38 · answer #6 · answered by leowin1948 7 · 0⤊ 0⤋
Normally it is a percentage of your earnings that you should save. Now you are over 30 it is likely to be about 40% of your earnings, obviously that is a lot and most likely not practical. Talk to someone about your different options.
Personally i'm looking to have a business that will support me, as I can't see myself earning or saving enough by retirement age.
good luck.
2007-01-14 22:15:58 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Save as much as you can because by the time you are retiring you will need a couple of million bucks.
2007-01-15 00:00:26 · answer #8 · answered by Gone fishin' 7 · 0⤊ 0⤋
The saying is that if you save 10% of you pay all your working life. You will have 90% of your income all your life
2007-01-14 22:17:49 · answer #9 · answered by simpletrader 2 · 0⤊ 0⤋
if ur in india then u can go ahead n invest in NSC on a monthly basis.. it has a block for 7 years.. if u r regular then u get regular return monthly only(monthly invest would be monthly return).. its best as its secure.. interest rate not that good.. but money is safe
2007-01-14 22:43:59 · answer #10 · answered by good_buddy79 1 · 0⤊ 0⤋