About half of U.S. workers think they are building a large enough nest egg to retire.
A 2019 study by the Transamerica Center for Retirement Studies and the Aegon Center for Longevity and Retirement found that 54% of workers are confident that they are on track to be able to retire.
The same study found that most workers estimated they would need a nest egg of $500,000 before retiring.
However, figuring out how long your savings will last can present a lot of variables. If you plan to stop working in your 60s, that leaves a huge question mark about how many years of retirement you will need to fund.
An "interest-only" retirement plan removes one of the biggest fears about life after leaving your job: Will my money outlast me?
Because if you can save enough now, you can fund your retirement by living off your returns without ever touching your nest egg.
NerdWallet crunched the numbers, and we can tell you how much you need to save to get $100,000 every year in retirement, without taking a bite out of your principal.
First, some ground rules. The numbers assume you will retire at 65 and have no money in savings now.
For investing, we assume an annual 6% return when you are saving and a more conservative 3% rate for your interest-only retirement. We do not factor in inflation, taxes or any additional income you may get from Social Security and your 401(k).
Check out this video to learn more.
More from Invest in You:
How much you can expect to get from Social Security if you make $40,000 a year
The real 'Catch Me If You Can' con artist says this classic scam is making a comeback
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
"much" - Google News
March 06, 2020 at 10:54PM
https://ift.tt/2VUhimL
How much you need to save every month to earn $100,000 a year in interest for retirement - CNBC
"much" - Google News
https://ift.tt/37eLLij
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "How much you need to save every month to earn $100,000 a year in interest for retirement - CNBC"
Post a Comment