June 25, 2014
When thinking about your retirement it may feel overwhelming to figure out if you are on track towards retirement or how much money you will need to retire. For years, many thought that $1 million was enough to retire on, but it depends on your situation. If you retire with $1 million and invest it and earn 4%, you can pull out $40,000 a year of your million without touching the principal. The question is, can you live off $40,000 a year? I canhelp you with your retirement planning but the place you can start is by asking yourself a few questions. There are three questions you want to be able to answer when looking to achieving your retirement goals:
- How much money do you have saved so far for retirement?
- What age do you want to retire?
- How much income do you want in retirement?
If you can answer these three questions we can tell you if you are on track towards retirement or not and if you are on track, how much money you need to save every month to get on track. Make sure you know what retirement means to you.