So this is pretty cool. It's an online calculator you can use to see how you're doing with your retirement savings. http://www.choosetosave.org/ballpark/index.cfm. I entered in all of my data (and I was relatively conservative, I believe), and got the following result:
RESULTS
Congratulations! Based upon all the assumptions you entered you have saved enough to allow you to replace 99.71 percent of your final wages.
Wow... hot damn! I must have done something wrong... but assuming 3% inflation, 5% wage growth, and 10% investment returns... ok, maybe those aren't as conservative as they should be. Where's Stefan when I need him?!
Subscribe to:
Post Comments (Atom)
2 comments:
I would estimate 8% investment return, just to be safe.
:)
OK, so I re-did it with 8%... and retiring at 60yo, living to 100, 4% inflation, 8% investment, no pension, targeting 100% replacement rate of my current income, and assuming part-time and "other" income (rental property?) of $100k in today's dollars... and I get 211% replacement. So taking out the $100k extra that means I'm on track to maintain my current income for the rest of my life. Yay!
Post a Comment