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Eddie Patel, President
Action Investment Services, Inc.
How much money do I need to retire?
Written by Eddie Patel
Retirement income planning is often difficult because, at least for some of you, it may be in the distant future. Below, I have constructed a table which demonstrates the equivalent value of various income levels at different points in time, given a steady annual inflation rate of 3%.
From this table, you should be able to approximate how much you will need to earn on an annual basis, if you want to at least maintain your current standard of living.
For example…
If it costs you $30,000 to live today, and you will be retiring in 5 years, you will need to earn at least $33,765 annually from social security, pensions, investments & other sources to maintain your current standard of living in your first retirement year.
Furthermore, as you continue to progress through your retirement, your cost of living will continue to rise because of inflation, making it essential to invest wisely in vehicles with inflation-beating rates of return.
Contact Us to get a picture of your retirement income needs.
