How much money should you have if you want to retire in 2050?
I am 22 now and am curious how much money I should plan in investing in retirement. Should I consider planning on a 4% average inflation rate? I plan to have $42,000 invested in a 457 account by 2012.
Public Comments
- This question is dependent on what level of retirement you want to live on. A 4% inflation rate is somewhat higher than normal historical rates of 3%, but with the way prices are rising now, it might not be a bad start. If you have 42K in a 457 by age 26, you are way ahead of the curve. I would just stuff it to the maximum allowed and that you feel comfortable with. I don't have a retirement calculator, (search the net for that) but if you can average out the return to 10-12% annually, I believe you should have enough to retire on. Even without social security. I would guess to have an equivalent current income of 50K, you might need 1.75 to 2 million in the bank. This is a rough estimate.
- You are wise to begin planning for your retirement at 22 years old. There are quite a few retirement calculators out there on the web. Rather than my asking you personal questions about income and marital status; some links are attached for your perusal.
- Im not sure, but this is a good website to do a RSI score. Try it out hope it works.
