I am currently 30, single with about 100K in savings/investments, no debt, no other assets. I currently make around 100k+/year with bonus, but I detest my job and would much rather start a modest business or switch to a career that would allow me more spare time. How much do you think I should have saved up to be on track to retire somewhat comfortably down the road?
2007-11-05 09:27:41 · 4 answers · asked by BK 1 in Business & Finance ➔ Personal Finance
Depends on how long you live as to how much you'll need. If your going to retire in about 30 yrs. I would say you'll need about 85,000 a yr. to live modestly.
2007-11-05 09:40:51 · answer #1 · answered by Shooter 3 · 0⤊ 1⤋
You're doing great at saving so far!
Today if you retired with about $1,500,000, you could live quite comfortably although not really lavishly. It's hard to tell what will be required 35 or 40 years from now to be at that same level - too many unknowns.
2007-11-05 09:35:17 · answer #2 · answered by Judy 7 · 1⤊ 1⤋
Expect to draw no more than 4% per year from your investments and that will assure you you won't run out of money. For example, if you need $80,000 to live off of, you should have $2M to retire (excluding other income like social security, pensions, etc.)
2007-11-05 09:57:12 · answer #3 · answered by Anonymous · 0⤊ 1⤋
I think you are going great and are probably in the 90th percentile
2007-11-05 09:51:57 · answer #4 · answered by Anonymous · 1⤊ 1⤋