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Guide How Much Income Do I Really Need in Retirement?

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The majority of people thought they would need 10X their salary put away to have a happy retirement.


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Generally, experts say that for a retirement ensuring you don't have to change your lifestyle, the guidelines for workers in the U. This will put them on track to replace 35 percent of their pre-retirement income, which Fidelity estimates, when combined with a government pension, may enable them to maintain a pre-retirement lifestyle throughout retirement. Features About us Blog Careers Hiring.

Create account. With any study, there are assumptions and various caveats. Assuming your investments are in the stock market, your investments will go up and down along with the market. Now that we know our retirement spending and safe withdrawal rate, we can easily calculate the amount of money we need in retirement investments. It provides more details, such as your retirement age and other neat metrics!


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The above helped us calculate our retirement number. But, is that the same as our financial freedom number?

1) Calculate the investments needed to sustain your lifestyle expenses in retirement

From what I read in the FIRE community, most people think their retirement number is the only thing they need to achieve before quitting their job. The retirement number only accounts for the expenses, or retirement spending, you need to cover during your retirement. If you have other financial goals to achieve, then you need to add those on top to determine your financial freedom number.

Some of these other costs may be paid for before or after you retire. If they will be paid after you retire, then add them to your retirement number. If they will likely be paid for before you retire, then you do not need to add them to your retirement number. I recommend outlining all of the other major financial goals you want to achieve. Then, assign a dollar amount to them, which you expect to pay for after you retire early.

How Much Money Do I Need to Retire?

A perfect example is your home mortgage. You can include your mortgage payments in your retirement spending, which will be reflected in your retirement investments needed. Or, you can leave mortgage expenses out of your retirement spending estimates and add the principal amount owed as of your retirement date.

Now, all of the hard work is done and you can easily calculate how much you need in investments and savings to achieve financial freedom.

How Much Money Do I Need to Retire?

If you are not able to take a pay cut in retirement, then consider putting away a little extra now in order to supplement your pension. A small amount every paycheck over a number of years may fill the gap without having to make huge sacrifices.

How much do you really need in retirement savings? If you are not sure and want help, then talk to your local NEA Valuebuilder representative. Take a look right now!

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You should carefully consider the investment objectives, risks, and charges and expenses of the mutual funds and variable annuities available under the NEA Valuebuilder Program before investing. You should read the prospectus carefully before investing. Investing in variable annuities and mutual funds involves risk and there is no guarantee of investment results.

Security Distributors, Inc. Security Benefit has the exclusive right to offer the NEA Valuebuilder products under the program, and MBC generally may not enter into arrangements with other providers of similar investment programs or otherwise promote to NEA members or their employers any investment products that compete with the NEA Valuebuilder products. MBC promotes the program to NEA members and their employers and provides certain services in connection with the program. You may wish to take into account this agreement and arrangement, including any fees paid, when considering and evaluating any communications relating to the NEA Valuebuilder products.

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