Estimating the Amount of Money You Need to Retire

By , Posted on Feb 06, 2015
Budgeting Saving Money Savings
Budgeting Saving Money Savings

Let’s finish up where we left off in a previous DebtHelper.com post titled “Have You Saved Enough to Retire?”

In the last installment of our preparing financially for retirement series, we touched on how to estimate how much money you will need to retire.

We went over comparing income to spending and using the 4% rule to avoid outliving your savings, figuring out, hopefully, how much you will need to live a decent life during retirement.

Keep in mind that most people will also have some source of supplemental income when retirement rolls around.  Social Security is the one that comes to mind first, but don’t forget about a pension plan from work… or even that long-lost rich Uncle, though not something most of us can count on.

If you have followed the advice in our previous posts and have come up with the amount you need to retire comfortably …you’re probably freaking out!

Take it easy… Now that you have figured out how much money you will need to retire securely, the next step is to figure out just how to reach that goal.

The following is a list of Savings / Retirement Calculators that will help you do just that:

401(k) Calculator

Monthly Savings Calculator

Savings Goal Calculator

CNN’s Retirement Calculator

If you find that you have so much debt that you can’t even start to think about saving money for retirement, or you would like to find out how to become debt free, call Debthelper at 800-920-2262, or visit @ www.debthelper.com.

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