Step 1: Estimate your retirement income at: http://www.bankrate.com/calculators/retirement/retirement-plan-income-calculator.aspx You will be asked to answer six questions. If you are unsure of what the fields are, the definitions are below on the same page. There are some assumptions about how much your investments will earn, inflation rates, and tax rate; you can edit these to see how they impact the calculation. Based on your inputs, what is your estimated monthly retirement income before tax/inflation? Before taxes is $895
Based on your inputs, what is your estimated monthly retirement income after tax/inflation? Nothing changed from before taxes. I still see $895 a month.
Step 2: Determine how your current retirement strategy will provide for retirement income:
You will be asked to answer eight questions. If you are unsure of what the fields are, the definitions are below on the same page. There are some assumptions about how much your investments will earn, inflation rates, and if Social Security income is considered; you can edit these to see how they impact the calculation. Based on your inputs, how much monthly income is your current strategy estimated to provide?
Assume that monthly income will not be sufficient. In at least 100 words, what steps can you take now and/or in retirement to live comfortably in retirement? The steps I can take is making sure to finish school and countie to work on a higher education to fulfill my retirement plan and paying my house before 62 years of age. I should not have any car loans by then and I belive this will help me out so much. I think by the age 48, would be the last time I could buy a new car/truck and start keeping my credits in a very low balance with the help of my wife, we should be able to have the things we want paid off by 62 of age and start saving more so 65 years of age won’t
be too bad.
Step 3: Calculate how savings can grow
How long will it take you to reach $1 million in savings? Answer the four questions in this calculator to calculate when you could become a millionaire: http://www.igrad.com/schools/universityofphoenix/?TargetURL=%2FResources%2Fmillionaire-calculator How many years will it be before you reach $1 million in savings? It will take me 56 years and 3 months to hit $1 million
Thinking of what your life might be like in retirement, would $1 million be sufficient to support yourself? (Some things to consider would be your health, where you live, and how much money you owe.) In at least 100 words explain why or why not? Right now the way I live and the place I work, I do not think I would be able to retire what so ever. After I am done with school and having that job I want with the pay I want I think with 1 million dollars I would not make it if I still have payments on my home, cars, etc. But if I am able to pay off everything I owe before I retire. I would just maybe make it to take care of my health, taxes and not worrying about the economy so much.