How much do you need to save to retire?

Question

How can one save and pay the bills too.

Answer 1

to retire, you need lots of money. see this chart to figure it out

http://www.gazelleintense.com/pdfs/monthly_retirement_planning.pdf

also get on a budget and work on getting debt free.

http://www.gazelleintense.com/pdfs/monthly_cash_flow.pdf

Answer 2

The most common way that people save for retirement in the U.S. is through company funded retirement plans. Like a 401k.

The way that you save and pay your bills at the same time is a difficult question. There are many folks in the world who barely make enough to get buy. Even frivilities like nights on the town or nice TVs are out of the question. But, this doesn't mean they can't be independently wealthy. We've all heard about the Janitor that turned out to be a millionare.

The best thing I can tell you without knowing your financial situation is to save what you can and reduce ANY debt that you have to zero. There are only two types of Good Debt and that is Student Loans and Homes. Even today, the creative Home Loans are bad so when I mean good home loans I mean conventional type home loans. Most folks are not adept enough at the housing industry and mortgage markets to play the system with any affect.

Make two lists. The first list is of things you need like food, utilities, shelter and decent cloths. Then make a second list of things that you want, like Gucci Sunglasses. Prioritize the want list.

The secret is to budget for the things you need and save for the things that you want. Never use credit as this is a double whammy! You never want to finance something that is worth less after you buy it.

The number one secret to becoming wealthy is to stop giving your money to other people. The number one way we give our money away is shopping. The second way we give our money away is through financing and interest.

YOU DON'T NEED CREDIT.

Now, how much to save for retirement is an hour long discussion if you want to nail down a target figure. Go to the fidelity webstie and use their retirement calculation tool. Once you are done, come back and read my answer again and start planning and TAKE ACTION!!

Good Luck.

Answer 3

Start saving tomorrow morning. Go to your local library and get a couple of books about budgeting your money that you are getting now. The first step is to figure out where you are spending your money. You have to track it. There are plenty of software programs out there as well. After tracking your spending for a period of time, then you can make adjustments and either cut out things or reduce expenses. At the end of the month you will have profits (your savings) after your bills have been paid. Do not buy new things especially big ticket items. Prices will come down such as the IPhone. Put your money in a bank then transfer it to an on-line bank for higher interest rates. Start reading financial magazines such as Money and Kiplinger's. Well that should give you a start but if you want things later you have to start now. Here is a good goal for you. Do not charge any thing for Christmas. Good Luck.

Answer 4

Try to create a budget so you can find how much you can set aside. It is always best to save as much as you can even if it is only $10 a paycheck.

Keep in mind when you retire you'll want enough money saved to support yourself. If you have $1,000,000 earning 5% you will get $50,000 in interest a year, so the more you save the more you can enjoy retirement.

Answer 5

It depends on what kind of lifestyle you want in retirement. If you want champagne and caviar every day, you need to save a lot. If you'd be happy seeing your friends at the Friday night fish fry every week, you don't need to save as much.

Start off by estimating the Social Security you'll receive. The Social Security Administration sends you an annual statement that should help you figure this out. If you're married, remember to add in your spouse's benefits (which could be earned benefits or spousal benefits, whichever is greater). Then, add in any pension you might have coming. If you're lucky enough to have an inheritance, add that in as well.

Once you've figured out what your external financial retirement resources will be, then estimate how much you'd need to save to maintain the kind of retirement lifestyle you want. A simple rule of thumb is to figure out how much annual income you want from savings, and multiply by 25. For example, if you want $10,000 a year in retirement to supplement your Social Security and any pension, figure on saving $250,000.

As for saving, try to automate the process. Participate in any 401(k) or other retirement plan your employer provides. Open an IRA if you don't have access to any employer-sponsored plan. If you're self-employed, open a SEP-IRA or a SIMPLE IRA. Have contributions to the retirement accounts made automatically from your paycheck or your bank account each month. Save in taxable accounts in addition to retirement plans if necessary to reach your goal. There's really no such thing as saving too much for retirement. If you end up with more savings than you expected, enjoy champagne and caviar in your retirement. Good luck.

Answer 6

The criterium is simple. You need qualify. The world is
set for travel of the spirits of citizenship. A person with inate
value knows when they are on loan, what if you were on
Venus and owned burger king. You would have a solid
argument that your wild livestock might help your new home.
That is the type of person with property. This means that
they also own the bank. Now you have the option to support the bank, the leader, the minister, the persons of trade that lead your home area. The choices have to be
limited because of the bad shortage of secretarial people.
Who really has service for retirements? Those that prepare
the retirements allow for persons of investment. Speak to
someone that owns a retirement plan. There are squatters
all along the road near their properties. Small clubs and
retirement on sight do exist. So spending at warehouses,
thrift, and fare shoppes is the way to have extra funds.
Most seniors will get retirement for low, low costs. I have
20,000 units, and take about1500.00 a year to aid the
office worker. When they die, or if their families need help
I have two funds running, one is free college scholarship
full aid, and minimum business startup prices. They get to
visit the meetings and help award their investors, friends,
and children.

Answer 7

As a rule, you need 10 to 12 times the amount you will draw each year to avoid eroding the principle. You save by spending LESS than you earn. no matter how little or how much you make, you have to spend LESS than you earn.

Answer 8

hmmm
it is really hard question and surly you will get many different ansewrs but i think, every one should save ENOUGH money for retire............

Answer 9

more and more every year it seems. Guess I will be working forever...