Searching for a formula to help with planning for retirement?
I am currently saving enough for retirement to retire by the age of 55. I deal with a personal finance company who does a profile on me each year to make sure I am still on track. I will be getting a raise soon, and I’ve been running some ideas around in my head as to what to do with this money. A portion of it, I’m thinking of putting toward some things that would increase my monthly expenses. I know that my current monthly expenses are a basis for figuring my monthly expenses in retirement. So if my monthly expenses increase now, it might effect whether I still have enough money to retire at 55. My question is: Is there a formula I can use to calculate how much extra I should be putting toward retirement savings to compensate for an increase in my monthly expenses? For example, if my monthly expenses increase by $350 per month, how can I figure how much more I would have to put toward my retirement each month in order to compensate for the added expenses? Thank you.
Public Comments
- thanks for the giggles. retire at 55 , don't think u'll like that. visit AARP to see the truth. u'll have out of necessity an extra 3-7 jobs b4 u slide in to the hole.
- ck this website: www.daveramsey.com---it's free
