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What must I do then to secure my financial future?

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Money Talk > Retirement Planning

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Cecille Hollinshead
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What must I do then to secure my financial future?  Reply with quote  

I am already 40 and some friends advised me to start saving for my retirement as early as now. That I should start calculating how much I will need during my retirement and a company pension plan or Social Security cannot be my sole source of retirement income. What must I do then to secure my financial future?
Post Mon Jul 24, 2017 11:08 pm
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oldguy
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Based on recent inflation trends, at age 65 (in 2042) your SS should be around $2600/m ($32,000). You'll need about $95,000/yr (a median 2042 couple). If you invest your money at 6%/yr, you'll need about $1.1M in 2042 to get your $95,000.

But $1.1M sounds pretty light to me, you would need a paid-for house. And you would need to stick close to subsistence living - no expensive travel, no fancy cars.
Post Tue Jul 25, 2017 12:36 am
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aleealiyana
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Essay Writing Help  Reply with quote  

I am as of now 40 and a few companions prompted me to begin putting something aside for my retirement as right on time as now. Essay Writing Help That I should begin ascertaining the amount I will require amid my retirement and an organization annuity design or Social Security can't be my sole wellspring of retirement pay. What must I do then to secure my monetary future?
Post Tue Jul 25, 2017 10:51 am
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Kimberlie Broe
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Re: What must I do then to secure my financial future?  Reply with quote  

quote:
Originally posted by Cecille Hollinshead
I am already 40 and some friends advised me to start saving for my retirement as early as now. That I should start calculating how much I will need during my retirement and a company pension plan or Social Security cannot be my sole source of retirement income. What must I do then to secure my financial future?


I am not a big believer in saving. I prefer investing. If you have some money saved up right now, you can purchase a condominium - put up a big deposit and pay off the balance in as fewer years as you can. This way, you have additional funds you can count on during your retirement years. You can also invest in stocks, etc.

If you are the saving type of person, put your money in CDs. At least, those have higher interest compared to a regular savings account.
Post Fri Aug 04, 2017 5:43 pm
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