How to Find Your “Retirement Number” презентация




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Step 1: How much did you spend this year? This might take some work, but it’s important. You can use tools like mint.com, or personalcapital.com to help. For the purposes of this article, I’ll use my family’s 2014 total spending as an example: $50,000

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Step 2: Subtracting Rent/Mortgage

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Step 2: Subtracting Rent/Mortgage Many people expect to have their homes paid off by the time they retire. If that doesn’t include you, ignore this step. Otherwise, subtract out the amount you paid in rent/mortgage this year from your overall spending.

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Step 3: Subtracting Life or Disability Insurance

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Step 3: Subtracting Life or Disability Insurance The whole idea behind life and disability insurance is that it protects future cash flows in the event of catastrophe. If you’re retired, there aren’t any future cash flows to protect. In some cases, however, it still makes sense to keep some insurance.

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Step 4: Reducing Your Food Budget

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Step 4: Reducing Your Food Budget In retirement, you generally spend less money on food—kids have moved out and people prepare more of their own food. Depending on your age right now, here’s how much the Bureau of Labor Statistics found that food and alcohol budgets shrunk for those 65 and older: 25 to 34 years old: 17% 35 to 44 years old: 34% 45 to 54 years old: 35% 55 to 64 years old: 23%

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Step 5: Reducing Your Transportation Budget

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Step 5: Reducing Your Transportation Budget In retirement, folks generally drive less since they are no longer commuting. After the first couple of years, they also tend to take fewer long-distance trips. Depending on your age right now, here’s how much the Bureau of Labor Statistics found that transportation budgets shrunk for those 65 and older: 25 to 34 years old: 26% 35 to 44 years old: 36% 45 to 54 years old: 37% 55 to 64 years old: 29%

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Step 6: Increase Healthcare Spending

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Step 6: Increase Healthcare Spending Here is the one area where expenses normally do rise. Of course, this will vary greatly, and in some ways is unpredictable. That being said, depending on your age right now, here’s how much the Bureau of Labor Statistics found that healthcare budgets grew for those 65 and older: 25 to 34 years old: 130% 35 to 44 years old: 59% 45 to 54 years old: 33% 55 to 64 years old: 16%

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Step 7: Subtract out Social Security Benefits

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Step 7: Subtract out Social Security Benefits You can get a ball-park estimate for your future benefits by visiting this site here. It’s worth noting that if the government doesn’t take any steps to bridge Social Security’s funding gap, experts estimate that benefits will be cut by 22% to 29%.

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Step 8: Find Your Retirement Number

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Step 8: Find Your Retirement Number Take your total, and multiply it by 25. Having this amount, in theory, would allow you to take out 4% of your nest egg in your first year of retirement, and adjust it for inflation every year thereafter. However, it’s crucial to remember that these are just ballpark figures. Remaining flexible and finding a professional to help are both key ingredients for nailing down your retirement goals.

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