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retirement fund
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inflation rate
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raising kids
wal mart
whole life
social security
How Much Do I Need To Retire Well
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Who wants to work their whole life? If you intend to live a long life, and I do hope you can carry out that plan, do you want to need a job as a greeter at Wal-Mart? There is nothing wrong with that work, I just don’t want to see you have to do that. If you want to be there to keep track of people in town, that is different, but I doubt many of these greeters are there for that reason.

How much should I have to retire?

When you retire, you will certainly not need as much money as you did when you were raising kids. You will likely not need as much gas money with no commute, and if you raise a garden (not everyone will) your grocery budget will shrink. Even so, you will need money. By most calculations, if you draw any kind of retirement income or Social Security, you will still need some money. If you want to live comfortably in your retirement, you can calculate how much you need to have in the retirement fund by several different ways.

You may consider living off the interest of an amount without touching the principle. That method, if planned properly, will sustain your retirement indefinitely and provide for your progeny. It takes quite a bit of money, though. If you are looking at a CD or one of many types of retirement plan, you may be looking at a 3% APY. If that is the case, you would take the annual income you need to net and divide it by .03. For instance, if you want an additional $20,000, you will need to have $666,667 on deposit. If you were able to get 5%, that figure would drop to $400,000.

I don't know how much to save to retire

How old are you? If you are old enough to be looking at retirement within the next 10 years or so, you are likely looking at quite a bit of income needed and having no lifestyle while you save it.

Besides that, if your savings are accumulating at 3%, if the inflation rate is 4%, you are losing your deposit at the rate of 1% per year. That means when you are ready to retire, the money will not be worth as much and as you live off the interest, that interest payment made to you will be worth less and less so you will need to live off part of the principle, which will accelerate. Bad news, I know.

What can I do?

I suggest you start now building a new business online. You will need a lot of backup and support because the concepts may be very foreign to you, but if you put in the work (and believe me, there is work involved) and be patient, you can develop a growing income that may start producing well before you need to consider retirement and make your golden years much more golden.

Why should I believe you?

You can build a business online, and it is not too complicated, but it is not a natural talent. There are courses on the web that can help you get started. Kick the tires, run it around the block, and don’t put too much money in it. There are no guarantees in life, but it will feel good to get a handle on the problem and take control of your future. You will be glad I offered you some help and support, and you will be doubly glad you chose to do the work and retire well.

Street Talk

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