As we are heading into the final count of our 52-Week Take Back Your Finances Challenge, we are currently looking at retirement questions, tips, steps and more to get control of this area of finances.
Well, last week’s task was all about research, understanding and investigating into options and the 10 Important Rules About Retirement.
Now that we have all gained some new insight and perspective, we want to encourage you to figure out how much retirement you need.
Based on last week’s task and the rules listed and applied to your personal situation, you now need to decide (not set in stone!) how much you think you need to live in retirement.
Once you have figured this out, it’s time to figure out how much you need to set aside, invest and save for retirement starting with your situation, age and resources now.
The amount you need to save/invest is going to be different for every household.
So they best thing to use is a retirement calculator to determine how much you need to plan to save/invest/set-aside.
This week’s challenge is to calculate your needs.
We know of two different calculators that are both quite helpful. Utilize one or both to give you an idea of what you need to do. We will talk about implementation later.
That’s it for this week!
Need to catch up? Come join us on this challenge from the very beginning by clicking on the 52-Week Take Back Your Finances Challenge and sign up to start receiving your automated challenge from the very beginning!
One final thing…we also have a Facebook Group where you can engage in discussions, receive encouragement and talk to others that are participating in the challenges too for more ideas! Head to the Be Intentional with The Thrifty Couple Facebook Page HERE and ask to join us there! You can also invite friends and spouses too!
Disclaimer: We are not licensed financial planners. We are only a couple that have been just a hair-breadth away from bankruptcy and found our way out of debt with a goal to now help others. Please make sure to consider any advice given on our site and in this challenge as tips we have used ourselves; they may not work for everyone. If you have questions please make sure to contact a licensed professional.
Thanks for posting these calculators. I always dread doing this as we are in our 50s. We lost all of our retirement trying to avoid bankruptcy in the 2008-20011 recession. We are proud of our frugal ways and hung in there…things are better now and we’re back to saving for retirement. Grateful to be in a good place again.
Anywho, when I run the numbers, it tells me I need to save 85%of my current income each month. I just have to laugh….
HI Alexandra, Hang in there and do the best you can. It may say that now, but hopefully with the tips and resources we’ve shared, you can build that nest egg a little faster and help reduce that percentage or margin some. There are lots of ways and ideas to bring in extra income. Check out this page: https://thethriftycouple.com/2011/08/19/ways-to-earn-extra-income-over-100-and-counting/