Retire in 10 years
Special Report: Most Americans Worried About Retirement Costs but Not PreparingSeveral recent surveys are pointing to a certain crisis for America as the cost of retirement and health care spirals upward and the financial ability of senior citizens to cope with these costs is inadequate. One survey released found more than half of all Americans are worried about their retirement security, yet, 29 percent did not save a dollar last year in preparation.The Financial Services Forum announced the results of the 2006 Financial Services Forum National Retirement Survey in March 2006. The poll was conducted at the end of February 2006.
How much will you need?Experts agree that in order to retire successfully, you will need at least 80% of your current annual income for each year of retirement.If your current household earning is $90,000 a year, multiply $90,000 by 80% which equals $72,000. If you and your spouse expect to be retired for 20 years (the average retirement length), multiply $72,000 by 20 which equals $1,400,000. If you and your spouse are 50 years old and you both plan to retire at age 65, you have 15 years to come up with $1,400,000.
How much do you have now? Are you on track to retire in 10 years?
|
Retire in 10 years
526,971