Wednesday, January 9, 2013

New Math for Retirement Finance

I am 63 years old, finally I need to be serious about our finance after retirement, it does not mean we are at anytime in the near future want to retire yet. Following is just my simplified version of money needed after retirement: First step, figure out how much you spent a year now, Take your Gross yearly income as stating point. Minus:,Federal, State, Local Taxes, Medicare, SDI, Social Security payments,also payments to all retirement contributions,then, also minus Savings.( maybe Mortgage payment also if you will pay it off by then.) For Example, Gross income: $150,000 a year. After all deduction, you know you only spent Net about $45,000 a year. You need to add some extra Medical expenses into this number for both of you. I say around $12,000 includes 2 branded name medications. Also, some taxes, like $6,000 Federal and State. Now for unexpected expenses add 10% to the total above. Now you need $69,000 a year to get by the way you live now. Income after retirement: you and your spouse together gets about $41,000 a year if you did work 30 years and your wife did not work at all. Now you deduct $41,000 from $69,000, you need to come up with $28,000 a year, which when calculate return at 4%, you then need to have saving of $700,000. Come on, you must have some assets by now already, they can be converted to savings as well. My point is: don't sweat over too much for retirement, it may not be as bad as you feared.

10 comments:

  1. Seriously, I need more maths sessions on retirement finance. It is way big topic. You never be so sure. A constant battle goes on between many factors!!
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  2. Thanks for your insight for this particular good report; this is the kind of process that keeps me though out fifteen minute payday loans the day.I have forever been recently looking around for a webpage following I noticed about them from a friend and was pleased when I was capable of locate it right after looking for a while.

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  3. Obviously this new math for retirement finance helps many retirees to get regular payment and create the ways to sell a structured settlements payments.

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  4. Great Job. This kind of new math for retirement finance helps to get Immediate cash for annuity payments in the period of retirement.

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