Examples Of Retirement Plans

Examples Of Retirement Plans

There are hundreds of retirement plans available for people who are planning to retire in the near future. While you are in your fifties it is perhaps the best time to start thinking about retirement and have a plan in place. You can start planning smaller aspects and then move on to the bigger ones of your life. Nevertheless, the planning has to start pretty early.

Once you hit the sixties of your life, you are not going to have time to do it and you will be the most unplanned person around. First of all calculate your peak earning years and also compare your lifestyle with your plan.

One of the best things about retirement age is your biggest troubles and commitments such as mortgage will be coming to an end. One is if you already have a retirement plan in your life, then you need to re-evaluate it and see if it is working for you or else you may need to re-plan a bit for more aggressive savings. Those of you who do not have a retirement plan can start from a scratch but it is time to start anyway. There are some good plans available on the internet that you can explore.

Here are a couple of plans which may sound feasible for any average worker.

Retirement Savings Examples:

Current Age

55

55

Desired Age for Retirement

65

65

 

 

 

Annual Income of the Household

$95,000

$95,000

Anticipated Growth Rate of the Income

3.0%

3.0%

Desired Income Replacement Rate

70%

70%

 

 

 

Current Retirement Assets

$125,000

$10,000

Expected Return on Investments

6.0%

6.0%

Expected Pension at Retirement

$33,000

$33,000

Social Security at Retirement

$30,000

$30,000

 

 

 

Ongoing Annual Savings Required

$5,964

$21,589

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