Brian G's Profile

Display Name: Brian G
Member Since: 11/14/12

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This will obviously differ depending on where you live and how much you earn. It also depends on how far you're willing to go now in order to live the way you want to when you retire.

Do you want to live on $30k a year when you're retired or do you want to live on $80k per year? This kind of decision will make a huge difference in how you live now and how you set your saving priorities.

One of the biggest things that I had to change my mind about is that putting money into ROTH IRAs or Whole Life Insurance is really putting money into savings with a good interest rate instead of considering them an expense. Sure, you want to have a slush fund in a traditional savings account, but you don't have to have 8 times your yearly salary in there.

Good way to think about income over the course of your life:
- Before You Retire: You're living off of the salary you earn
- 65-85: You're living off of Savings, 401k's, and IRAs
- 85 and on: You're living off of Whole Life Insurance Cash Value

It's important to save money in the right investments so you're hard earned money will grow and counterbalance inflation and general cost of living increases you'll have throughout your life.

The beauty is that you can start small when you're young and don't make much money. That will mature to so much more when you're ready to retire.

How Much Money Should I Be Saving Each Month? Apartment Therapy's Home Remedies
3/17/14 01:12 PM