Retirement preparation seems to be the ultimate goal for the average hard-working American citizen. And who can blame them? Being able to have your dream life after you retire is well-deserved and attainable. However, you may need more money than you think you will need in order to fulfill that dream. Also, if you are looking for a horse property for sale in Colorado, contact Colorado Horse Property today and speak with one of our horse-person realtors.
You may have half a million dollars in liquid assets, all your bills paid up, a small mortgage on your home, you may even own your car outright and have the perfect credit score. Even with only ten-fifteen years away from retirement that might not be enough to have everything you want when you retire. So how can you have the perfect retirement?
Saving and Retirement Preparation
Saving is the key! To retire with $125,000 in the current economy you’ll need to have a net worth of $1.5 million at retirement including the money you will get from Social Security—and that’s only if you expect to live twenty-fire years after retirement. With the medical field being what it is today, and advancing all the time, you should expect to live even longer. Your $500,000 will grow to $1,045,420 in 15 years which will leave you about a half million short. You’ll need to save $24,149 each year for the next 15 years to reach your goal.
You should do some research when it comes to preparing for retirement. If you are looking into things without the help of a professional, try using a retirement calculator. Though these types of retirement preparation calculators are helpful, they do not compare to getting advise from an expert. You should try talking to the management at your local banking facility for help in finding a professional to guide you on your journey.
