77: How To Calculate How Much You Need For Retirement

The Rich Immigrant

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Everyone tells you that you need to save and invest for retirement, but what does that mean in concrete numbers? How much do you need to save/invest over time to be on track to retire without being a 'burden' to the next generation? In this episode, I talk about:
1. 2 different ways to calculate how much you need to save/invest for retirement
2. Method 1 is replacing a percentage of your income at retirement. See this retirement calculator
3. Method 2 is working towards a specific investment goal based on your calculation of (Annual retirement income/4%). Calculate how long it will take to get to your investment goal using this Bankrate calculator
In this episode, I also talk about what to do if you're ahead of schedule, and I share options for those that may feel behind. While the easiest way to stay on track for retirement is to start early, it is possible to start saving for retirement at 40 and still retire with a decent nest egg.
I hope this helps you wherever you are on your journey. I'm rooting for you.

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