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1. Use the Rule of 25 to get a ballpark number. A good rule of thumb to estimate your retirement savings goal is the Rule of 25.Simply multiply your desired annual retirement income by 25.
The amount you need to save for each year past the technical full retirement age of 65 depends on several factors, including your lifestyle, location, retirement benefits and general savings plans.
In that case, it would take $545 a month to end up with about $792,000 in retirement savings instead of just $200 monthly contributions. That may be harder to swing on $75,000 a year.
So, if you expect to spend $40,000 in retirement each year and receive $20,000 in other sources of income, you would need $500,000 by the time you leave the workforce ($20,000 x 25 = $500,000 ...
“Another complication of early retirement is not being able to access retirement money that would be subject to penalties if withdrawn prior to 59 1/2 years of age,” Kates said.
For example, if a stock has a YTD return of 8%, it means that from January 1 of the current year to the present date, the stock has appreciated by 8%. Another example: if a property has a fiscal year-end of March 31, 2009, and the YTD rental income as of June 30, 2008, is $1,000, this indicates that the property earned $1,000 in rental income ...
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