This past year I’ve been focused on paying off debt. But, soon I’ll be able to hone-in on retirement savings. Using a simple compound return calculator (because the big retirement calculators scare me!), I’ve calculated some simple savings figures that are much more palatable for scared folks like myself. Using 25 years as my retirement goal (hey, I’m being a realist) and some manageable figures, here is what I’ve found:
- Save as little as $6.66 per day and I’ll accrue between $138K – $190K. Not enough to live off of for 20+ years, but it would be a nice supplement to my income. Of course, with inflation this amount would barely cover groceries.
- Save a little more at $16.66 per day and I’ll accrue between $346K – $475K. Better. I’d average about $1,750 per month for 20 years.
- If I can scrape up $23.33 per day, I’d accrue around $485K – $667K. This would actually bring in around $2,400 monthly for 20 years. This isn’t too shabby once I factor in some other sources of income.
How is your retirement planning coming? Be honest!
