Retirement?
I'm currently 25 years old and planning on retiring around the age of 50. I'm in the police academy in NYC and have around 20,000 in debt and will be able to pay everything in 5 years. I started a Roth IRA and a brokeage account a couple of months ago. Since i dont make much I deposit around 100 per month into my IRA, but hopefully in 2 -3 years will be able to deposit the max. Do you think that by the time i retire i will have around 6k - 8K per month? My pention will probably be around 50 - 60 K per year. What else do you think i need to do to make sure i will have 6k per month by the time im 50?
Public Comments
- Hard to answer because of all the variables out there and other life happenings. What happens if you lose your job, get disabled, start a family, etc. And also what happens in the stock market with the investments you chose will have a big influence on the money you have left at retirement. http://cgi.money.cnn.com/tools/retirementplanner/retirementplanner.jsp Here's a retirement calculator that should help you get some sort of plan going. I know that my husband and I have quite a lot of money stashed away and it's still not enough to retire on. Insurance will eat it up fast. And people are living longer and need to stretch their money farther than ever before.
- You need to get some other invesments going as well research mutual funds, find some no-load funds. Also if you are planning on ever having kids look up some college tuition funds those will wipe you out quick otherwise. You really want to be finding multiple avenues of income each year you want to find one more source of income if at all possible. Job is one, mutual funds may be another.
