# How much money does a 50 year old need to put away a month to retiree comfortably

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There are a million right answers to that question. Help narrow them down, a little, by answering a few questions.
Expected social security or other income during retirement? (Income)
How much do you have saved already? (Income generating)
Once those questions are answered, you have a starting point. | 09.18.14 @ 06:57
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\$commenter.renderDisplayableName() — {comment} | 12.07.16 @ 08:55
Ann wants to retire at age 65. She analyzes her expenses and figures that she will need \$60,000 a year to live on in retirement. She assumes she will live until 95. 30 years x \$60,000 is \$1,800,000 (in today's dollars). On the income side, Ann will get \$21,600 a year in social security benefits. This will provide \$648,000 in income until age 95. (Social Security benefits inflate most every year). So the shortfall (and needed nestegg) for Ann is \$1,800,000 - \$648,000 or \$1,152,000. She would withdraw \$60,000 - \$21,6000 or \$38,400 in the first year of retirement and increase it by inflation each year. Remember, the \$1,152,000 savings must stay invested for a return greater than the withdrawal rate!
Please note that this is just an example. Your circumstances will be different. Best to consult a financial planner or use online calculators to calculate your needs. | 09.18.14 @ 16:09
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\$commenter.renderDisplayableName() — {comment} | 12.07.16 @ 08:55
Answered by Kim Miller, CFP®PRO+ in Redmond, WA
If you haven't started yet, it will be way more than you want to. What are your likely monthly expenses in retirement? Start with that and work backwards - a compounding financial calculator can help you get a ballpark answer. For more specifics you should consult with a professional. Keep in mind that very little in retirement planning is certain - successful outcomes are really not much more than good guesses. Good luck! | 09.18.14 @ 16:47
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\$commenter.renderDisplayableName() — {comment} | 12.07.16 @ 08:55
Answered by Michael Hoffman, RFC, CLU, ChFCPRO+ in Grass Valley, CA
A very rough estimation would be to assume that you want \$50,000 per year of income from your own investments at age. If you were to use a annuity with a guaranteed income rider, you would need a value of \$1,000,000 at age 65 or 15 years from now. Using the financial calculator, assuming a 8% return on the invested savings, you will need to invest just over \$3000 per month.
If you wait to age 70 to start using the same values, you need to save about \$1700 per month. Talk to a advisor who can guide you in the right direction and review your plans periodically. | 09.18.14 @ 19:52
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\$commenter.renderDisplayableName() — {comment} | 12.07.16 @ 08:55
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Kim Miller, CFP®PRO+ in Redmond, WA

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