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Retirement - Its Sooner Than You Think!! (Honestly)
Many people hear "retirement" and think- what? 401K? Roth vs. Traditional IRA? Stocks, bonds, mutual funds? Do they? Or do many people put money away according to the suggested amount and then simply hope that when retirement comes all will work out? One report I read estimated that 66 million Americans have put away a Whopping $0 towards retirement. Many people are still thinking there might be a thing called Social Security around when they retire. Social Security: as of 2004, the average annual Social Security retirement benefit is approximately $11,000. That is not a lot to live on folks. Plus, we all hear the news periodically that there might not be any Social Security around when we get older and need it. And as a further WAKE UP call, I found a calculator which estimated (without Social Security):
would need to save an additional $2,690,000.00 ( yes 2 million +) in order to retire at 65-- OR - plan on working an additional 29 years!! Now before you get overwhelmed and click over to another article-lets put our heads together and simply cover a few very very basic start up basics. 1) Standard Of Living: You need to know at what standard of living you will want to live during retirement. 2) Basic Living Expenses: You will need to calculate the cost of basic living expenses (at that level) i.e. electric bill now of $200 = what in 2030? 3) Hobbies and Leisure Activities: Know what type of hobbies, and leisure activities you will keep busy with and what their cost might be then. 4) Family Visiting / Travel: Realize that more and more children move away when grown. So while they work out of state-YOU may need to do the traveling to see them. Plan for these costs. 5) Convalescent Care (nursing home costs) provincially run about $100/day median. You will need to multiply that times the same 4% inflation rate. Then multiply that times the number of years before you may need it-to approximate how much you may need to afford for your housing when you need assistance. Truth be known-WE need to plan to handle that cost ourselves, rather than think our children will be able to take on that kind of additional cost. You will need to total yearly amounts. You will need the approximate yearly cost to live (at your desired level) during regular healthy retirement. And, you will need the total yearly amount of costs to live in assisted or full care living facilities ( for each - you and mate). Multiply each yearly amount by the number of years you might be living in that circumstance. Example: Retire at 65. Live healthy retirement- 15 years (so 15 x yearly cost of healthy living) . Live assisted - 8 years ( so 8 x yearly cost of living in care). You now have two totals that when added together equal your estimation of the total dollar amount you will need to draw from in order to live after retiring. NOW you are ready to begin planning your investments in such a way that you can achieve that TOTAL number by the time you retire. Here are some tools to help you now that you are ready to take that first step: USA Today retirement cost calculator: http://www.calcbuilder.com/cgi-bin/calcs/RET2.cgi/usatoday Motley Fool's retirement area: http://www.fool.com/retirement.htm?source=PFinAg Metlife's retirement area: http://www.metlife.com/Applications/Corporate/WPS/CDA/PageGenerator/0,1674,P1946,00.html About.com's HUGE retirement resource area: http://www.retireplan.about.com/ Until next time-all the best, Kate About The Author Kate Hufstetler is a well established Personal Life Coach. Her clients come from both the United States and overseas. She offers coaching services via email and phone consultations. For more information and current highlights please visit: http://www.comedreamwithme.com/start_today.html
MORE RESOURCES: Investing Action Plan — January Wrap: Apple, OPEC, Exxon And The Fed Investor's Business Daily Why the $4,555 Max Social Security Benefit Is a Fantasy The Motley Fool Where Are Stocks, Bonds and Crypto Headed Next? Five Investors Look Into Crystal Ball The Wall Street Journal Tax-Aware Investing: What Is It and How Do I Do It? | Chase Chase News & Stories Investing in Method Andreessen Horowitz Committee affirms anti-ESG, anti-China pension investing bills Indiana Capital Chronicle 5 of the Best Paper Trading Sites | Investing | U.S. News U.S News & World Report Money Investing When Your Time Horizon Is Short The New York Times The Best Stocks to Invest $20,000 in Right Now The Motley Fool Investing in Voldex Andreessen Horowitz What's Going on With REITs? An Investors Guide The Motley Fool How ‘Permabears’ Make Money by Selling Fear Investing.com Democratic lawmakers create sustainable investment caucus to ... Pensions & Investments Investing Opportunities Emerge in Latin America Morgan Stanley 2 Dividend Stocks to Help You Beat the Market in 2023 Investing.com How to Invest in Stocks - Buy Side from WSJ The Wall Street Journal Why You Should Invest: Top 10 Reasons AllBusiness.com The 10 golden rules of investing Yahoo Finance Investing in Cygnvs Andreessen Horowitz Your Investment Lost Money Last Year. So Why the Big Tax Bill? The New York Times Ultimate Guide on Investing for Beginners Entrepreneur Investing $100,000 in These Stocks in 2023 Could Get You $1 ... The Motley Fool Soft Landing Scenario: Possibility or Fed Myth? Investing.com The Art of Contrarian Investing Investing.com 8 Best Small-Cap Value Stocks to Buy | Investing | U.S. News U.S News & World Report Money 5 companies UPMC is investing in Becker's Hospital Review 80% of Warren Buffett's Portfolio Is Invested in These 7 Stocks The Motley Fool Investing in Deflation, Inflation and Stagflation Regimes Wealth Management Investing in REITs vs. Direct Real Estate Morningstar Spend Your Time Working or Investing? » The Stacking Benjamins ... The Stacking Benjamins Podcast Investing in PLAI Labs Andreessen Horowitz Investing in 2023: A Year to Be Patient and Selective Morgan Stanley U.S. Warns Banks to Watch for Russian Oligarchs Investing in Commercial Real Estate The Wall Street Journal 5 Investing Alternatives for Conservative Investors Kiplinger's Personal Finance Coffee Steaming Again After 4 Months in the Cold Investing.com Rosie on the House: Investing in a whole home energy audit Arizona Daily Star 3 Reasons Investors Should Zoom In on GoPro Stock The Motley Fool 1 Smart Way to Invest Your Tax Refund You Haven't Thought Of The Motley Fool 5 Fast Facts for Investors to Consider | Chase Chase News & Stories 1 Undervalued Stock That Smart Investors Are Buying In 2023 The Motley Fool Rewind 2022: My Investing Journey Seeking Alpha Is Intel's Downfall Good News for AMD and Nvidia Investors? The Motley Fool The Week in Impact Investing: Integrity ImpactAlpha Bohanon and Horowitz: When investing, balance opinions of ... Indianapolis Business Journal Calm Before the Rally? Investing.com Personalized Investing Portfolios: Unlock the Greatest Potential Kiplinger's Personal Finance Is Microsoft Now the AI Stock to Beat? The Motley Fool Lucid Group doubles on Saudi rumors By Investing.com Investing.com Long-Term Investments Require a New Approach Kiplinger's Personal Finance International Day of Education: Investing in the Future of Students ... Leader Publications Would You Still Consider Investing in Amazon (AMZN)? Yahoo Finance The First ETF Launched 30 Years Ago, Revolutionizing Investing The Wall Street Journal |
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