A question we often hear is, how much income do I need in retirement?
First, think about the amount of annual income you want to have in retirement. Then take the income and divide it by a percentage you think you could earn, consistently and conservatively. For example, if you wanted 100,000 dollars annual income and expected 5 percent earnings, you’d need 2 million dollars to generate that income. And that’s in todays’ numbers, so you’ll need to factor inflation into your calculations. Industry professionals think inflation will average about 3 percent a year. Let’s say you have 20 years until you retire – 3 percent times 20 years equals 60 percent – that’s another 60,000 dollars you’d need to achieve your desired retirement income.
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