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How much do I need to retire? That’s the magic money question…
It’s usually an unsettling question that sort of lurks in the back of your mind, but feels too big to deal venture into….until today!
Note: This retirement calculator has been updated in 2016 with the easiest calculator in the whole world!
Retirement is different for everyone, but, at some point, almost everyone wants to stop earning and have plenty of money for playing and spending….for life. Retirement is equated to financial freedom. Financial freedom happens, for most people, when they can live their desired lifestyle off their savings accounts, which I prefer to call wealth accounts.
Sometimes we get so busy living life that we forget to plan it…but you may have noticed that things turn out better when you have at least a tentative plan.
So, now is a good time to spend 2 minutes playing with my new How much do I need to retire calculator to get an idea of what your financial future looks like based on where you are with your money journey right now.
It’s really simple…a fill in the blanks sort of thing that gives you some of the most important feedback you can get to provide funds for life…because isn’t that your ultimate financial goal… that you’ll have enough money to live well…always?
Most calculators require entering so much data that people get distracted from using them. Estimates such as inflation, social security and taxes are often needed to use retirement calculators; I like those,too, because sometimes the more information, the better, but not if if keeps you from taking action. This calculator leaves no room for excuses since it only requires information you already know!
Here are the steps you’ll need to take…
First, the amount of money in your savings account
Second, enter the amount you’d like to have in your retirement account
Third, enter the number of years until you retire
Drum roll please…..What’s the number you need to put aside annually to grow to reach your retirement account goal?
Next compare where you are now to where you want to be.
If you are well on your way, congratulate yourself.
If you are not, explore ways to increase your wealth now to create financial security now and later.
As you can see, the only way to use this revealing tool is by playing with some estimates, but it can be used as both a guide and an inspiration.
Think of this as a big picture check in to answer that huge question “How much do I need to retire?”
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