How much money?

@Inklings (1255)
United States
November 1, 2006 8:34pm CST
How much money do you think you'll need to retire?
1 person likes this
3 responses
@Fishmomma (11377)
• United States
27 Mar 07
This would depend on where you live and whether your renting or own your home and have paid it off. I will assume your asking about somebody that has paid off their home. I was told to save at least 15% of my gross income and started saving right after finishing college. I plan to have 1 million saved, so that I'll have plenty to live on after retiring. This is an interesting question, as many people don't start saving until later in life. I feel it is easier to start saving when your young, so you will be able to retire before your 70. My plan is to retire at 65.
@Inklings (1255)
• United States
28 Mar 07
Good plan! Far too many people have no plan at all and as we all know, the years fly by pretty quickly.While retirement can seem far away when you are 20, before you know it you are 40 and beginning to look forward to the day that you can stop working!
• United States
29 Mar 07
Most people have no clue how much they need. The pro standard is 80 to 90% of your final salary. To figure this there are many great retirement calculators Online to help figure what you need with inflation figured in. It is better to overestimate your needs than to underestimate. Depending on your age, don't count too much Social Sercurity. Finally invest as much as you can and take advantage of as much company matching that is offered.
• United States
28 Mar 07
Lots of money needed to retire..lots.. I have hardly any saved..so I have to get started..Old age will creep on me before I can blink my eyes;)+