06 Apr How much will you need to retire?
We focus a lot of time in our financial coaching and our podcast episodes to getting out of debt. It’s not very often that we actually talk about what to do after this point. Today I wanted to start some discussion about life after debt.
Once you’re debt free, we teach to invest 15% of your income toward retirement. It’s not a magic number that fixes everything for you. It’s a general number we use that seems to fit most situations. For some people, there’s a need to invest more.
Have you taken the time to figure out how much money you will need in your nest egg when you retire? The cost of living is increasing, inflation is likely coming with the government printing more money, and our life expectancy is increasing. Translation: you’re going to need a lot of money when you retire if you’re planning to not work after retirement age.
How much are you contributing toward retirement? How do you know that’s enough to contribute? How much do you think you’ll need to live on after you retire?
Leave a comment below and let’s discuss.