How Much Money to Save for My Retirement
How Much Money to Save for My Retirement is one of the most asked questions in planning for retirement! Do you know how much money to save for your retirement to live comfortably?
Learn how much money should you have during your retirement. And how to prepare that money to retire rich. Many people are asking how to retire rich but they don’t know specifically on how much money should they have for their retirement. When I created my own retirement plan, I asked myself, is one million enough for me to live comfortably? Where should I live during retirement? When is the best time to retire.The best time to retire is to retire early. It will be so great if you have more time to spend to enjoy your life.
Imagine if you retire at 40 and you have enough money. Imagine if you are at 65 years old and you have also enough money. What’s the difference? There’s a big difference I think. First, a 40 year old retiree has many more years to enjoy and the other retiree?I don’t know.
How Much Money to Save Money for My Retirement?
Retire at 40 years old and you live until 90, that means half of your life you’re enjoying it. If you retire at 65 and you live at 90, that means you have 25 years for your life to enjoy it.
“You need to save only enough that, when invested in the financial markets over time, will grow into the amount you need.” (1)
CC By Pictures of Money via Flickr – 2.0How Much Money to Save for My Retirement
The question is, how much money should you have to retire? Before we will answer the question, you must find out how much the cost of your lifestyle during your retirement.
Example:If you choose a lifestyle that cost $16,600 per month, that means you have at least 2,000,000 worth of assets that earns 10% every year.
The basis of how much money you should have for your retirement is the lifestyle you want. When your retirement years has come, make sure your money was invested in a low risk types of investments such as bonds or savings account. Or you may consult with a financial expert about asset allocation that fitted to your needs.
Citations:
(1) http://time.com/money/2791165/how-much-to-save-for-retirement/
I do hope you agree with me. Please share your thoughts and add some retirement planning tips using the comment box below. Thank you for reading!