I liked this chart which Kiplinger’s has posted on how much you need to save per month for retirement, depending on your age and target amount. I’m just under 35. I have a pittance saved up, so it’s about $0, and I’m about to start socking away just over $1000 a month. Hopefully, I’ll be able to have $1.5 million in assets before I retire.
Not too shabby and a huge mental relief. It’s definitely not the $3+ million goal that BostonGal has set, but I am liking this raise more and more.
Now I just have to make sure that I’m getting 8% returns.
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8% should not be too hard, you can buy market index funds, and they averaged a little under 8% the last 40 years or so. The trick is to get to 10%, that way your 1.5 mil becomes about 2.3 mil. The extra 800k should provide some peace of mind
I am targeting about 3.5 mil my self, which gives a present value of about 1.5 mil. If I ING’d 1.5 Mil I’d get about 70k a year, more than enough to get by in 2007.
Slightly depressing chart, but motivating at the same time.
For the first time in along time, I feel good about my financial future. I am little over 25 and saving enough to have some where between 1 and 2 mil. to retire. Now if I can pay off this credit card debt then I can be on track to retire above 2 mil.