Reply to Help for retirement planning neophyte?

Forum Index » Money and Finances

Reply to "Help for retirement planning neophyte?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]If there's a way to track your spending from the past several years, at least that would be a start. Maybe if all cash flows through a checking account, you can download that data and see how much it is. Or on the income side, track your income and what goes to savings, taxes, etc. and figure the rest goes to spending - add in whatever is spent from investment/saving account withdrawals.

Take that figure and adjust if you have MAJOR spending changes expected - eg no more mortgage or big increase in travel. The resulting figure is your starting budget. Then figure out how much income you will get from pensions/social security/rentals etc., and subtract that from the budget. Take that figure and multiply it by 25 and that's the amount of savings you will need to retire.

There are lots of details that will follow - tax strategies, withdrawal strategies depending on where your savings is, etc., but the above will get you 80% of the way there, which is good enough. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics