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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 final rule for retirement savings is the 80% rule, or saving enough to replace 80% of your pre-retirement income. So if you currently earn $100,000 per year, this rule says you’ll need ...
Rule of 25: After accounting for her Social Security and other sources of retirement income, Katie plans to spend $40,000 a year in retirement. 40,000 x 25 = $1 million, so Katie would need $1 ...
Bankrate’s 401(k) calculator will show if you’re on track to reach your retirement savings goals. Consider upping your allocation to stocks Play it aggressively by putting a high percentage of ...
Calculate your retirement number. ... From there, you can use the rule of 25, multiplying your annual savings needs by 25 to see your total retirement savings goal -- in this case, $1.4 million. ...
For example, if Denise decides to retire at age 60, she’d have $1,225,721 in retirement savings (using the aforementioned calculator). This results in a retirement income of $123,815 a year or ...
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