How do you know how much will be enough?
2007-11-01 05:48:21 · 4 answers · asked by nikkilee911 3 in Business & Finance ➔ Personal Finance
A lot depends upon if you own your home, if you are medically in good health, if you just stay at home or want to travel. You could project a budget which includes, rent or mortgage, property taxes, food, insurances, transportation, medicines, etc. But you will find (of course) that each year your retirement will cost about 3-4% more in inflation. In forty years it will probably cost you at least four times what you could live off of in todays money.
2007-11-01 17:35:37 · answer #1 · answered by Nifty Bill 7 · 0⤊ 0⤋
There are 3 ways:
You can retire with your current salary (This means if you make $20,000.00 per year then you will take $20,000.00 per year from your bank account until you die)
You can retire with 50% your current salary (This is usually the case when you move to a Third World country)
You can retire with less than 50% of your current salary (This is the most common case and most people die before their time because of this)
2007-11-01 08:02:32 · answer #2 · answered by Anonymous · 0⤊ 1⤋
It would depend on where you are living, and how far off until you retire.
2007-11-01 05:55:48 · answer #3 · answered by Anonymous · 2⤊ 0⤋
if you are happy now with what you make it will take about 70% of that amount to cover you when you retire!!!
2007-11-02 04:52:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋