The key to achieving your dream of financial freedom is to take the planning process one step at a time. It can be fun! Each step you take will bring you closer to making your dreams a reality. It’s never too late to start.
Things to Consider
- Prior Savings – What funds will you contribute at the inception of your retirement savings?
- Desired Income – How much would you like to draw from this account each year when you retire?
- Retirement Age – When do you want to retire?
- % Inflation – Is a persistent increase in the level of consumer prices or a persistent decline in the purchasing power of money. Historically it has been 3.0%.
- % Contrib. Growth – The percentage by which you plan to increase your annual contributions
- Annual Contrib. – How much do you plan to contribute to your retirement savings each year?
- Current Age – This is the age at which you will begin this retirement plan.
- Life Expectancy – How long do you plan to live in retirement?
- % Investment Return – What do you anticipate your average yearly return will be?
- % Retire. Return – What do you anticipate your average yearly return after you retire will be?