So I just recieved a DR News letter... and boy does it have me thinking:
So say I want to retire... um YES
and I want to live on $55,000 a year and that is what you are currently making ( you can put what ever # you want)
This is taking the following into consideration:
No debt: Being and staying debt-free is the key to building wealth, and it will stretch your retirement dollars.
Medical costs: The average couple retiring at age 65 will spend $285,000 in health care costs in retirement. You could end up spending significantly more or less.
Long-term care needs: Folks who reach age 65 have a 60% chance of needing long-term care either in a nursing home or assisted-living facility. Long-term care insurance will protect your retirement savings, so factor those costs into your planning.
Annual income you wish to retire on: $55,000
Divide by: .08
Retirement goal: $687,500
That is what you would need put away to retire on what you are currently making... now depending on your age: you would do the following
687,500 x .001698 ( my age is 45) = I would need to put away $1,167.38 a MONTH! Ekkkkkkkk I better start socking it away!