How much money do you need to retire?(ZT)

2011-08-09 20:08

Answer: $361,245.98.

Unfortunately, it's not that simple. Every person will need a different amount, depending on what income they will have, and what they want to do after they retire. However, everyone should have a home, and no non-tax-deductible debt before retiring. Hopefully by now you have defined your goals, have a budget, have maybe purchased a home, are in the process of paying off your debt, and have started to invest. The next step is to figure out how much money you will need, and where it is going to come from. To do this, take your current budget and revise it to suit your retired life.

The following are probably items you will no longer need to spend money on after you are retired:

	buying a home
	raising children
	education costs
	saving for retirement

The following are items you will probably spend less money on:

	alarm clocks
	clothes
	purchasing automobiles - you will probably be driving less, so your vehicle will last longer
	auto insurance - may be cheaper if you are not driving to work
	auto gas and maintenance
	other forms of transportation if you did not drive to work
	life insurance - may not be needed if you have no mortgage
	disability insurance
	eating out

Your spending on the following items will probably not change:

	house insurance
	home maintenance
	groceries
	telephone
	cell phone
	cablevision or satellite
	internet access
	books/subscriptions
	household furnishings
	entertainment

Your spending may increase on the following budget items:

	travel
	toys (boats, atvs, etc.)
	leisure activities
	health care
	donations
	heat & light, because you will be home more
	gifts (grandchildren?)

In order to plan your new budget, you should group your expenses into mandatory and discretionary. Different people will put different things into these categories, so we will leave it up to you.

http://www.taxtips.ca/rrsp/retirementmoney.htm

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