I guess how much is sufficient to live a stress free life after retirement? Is there any formula to calculate? I am now in my 30s. So, how will I know how much I'll need after my retire?
If you don't have any debt
and if you keep good health then 70% of your pre-retirement yearly
salary is enough to live a stress free life after retirement.
The more you can save for your
future, the better will be your retired life. You’re in your 30s right
now, which means you have ample time to build up a strong nest egg for
your gray hair days. Try to save at least 10% of your income per year
for your retirement. If your paycheck doesn’t permit that, start
lower. Moreover, at the end of the month put whatever extra money you
have into a retirement savings account.
You can also look for a part-time job after your retirement to maintain
the cash flow. Don’t forget to pay off any balance that you’re
carrying now. Entering retirement with debt is a big NO! This article can also help you to some
extent. There is no perfect formula to calculate retirement savings.
It’ll depend on your present financial condition and how much you can
contribute to your retirement account. You can consult a financial
expert for further advice.
Both the above answers are
rightly said. I think you can consider safe investment as well. It will
help you to get good returns over the time. But, do well research and
talk to a financial advisor before making the decision.
Sub: #1 posted on Thu, 05/19/2016 - 22:00
(Posts: 12 | Credits: )
You can also look for a part-time job after your retirement to maintain the cash flow. Don’t forget to pay off any balance that you’re carrying now. Entering retirement with debt is a big NO! This article can also help you to some extent. There is no perfect formula to calculate retirement savings. It’ll depend on your present financial condition and how much you can contribute to your retirement account. You can consult a financial expert for further advice.
Sub: #2 posted on Wed, 06/01/2016 - 05:02
(Posts: 166 | Credits: )
Sub: #3 posted on Mon, 06/06/2016 - 05:15
(Posts: 1234 | Credits: )
You'll need a retirement calculator my friend.
I hope you'll find answers to all of your queries here -
Hope that helps"
Sub: #4 posted on Fri, 11/25/2016 - 00:57
(Posts: 467 | Credits: )