MORE FROM FORBES 12 Reasons You Won't Be A Millionaire By David Rae Get Your Social Security Estimate And that would also mean larger Social Security checks each month for the rest of your life. Waiting until 70 meant an additional $1,900,000 of retirement assets. By waiting until 70 to retire, you could have about $5,600,000. For example, if, at the age of 50, you've managed to accumulate $1,000,000 in a retirement account and then saved $20,500 per year in a 401(k) (assuming an 8% pre-tax growth), your nest egg could swell to around $3,700,000 at 65. You may want to consider pushing retirement back a few years for those starting late.Ī few extra years of investing with the help of compound interest can make a huge difference when it comes to your retirement nest egg. Some of you may benefit from working an extra year. Working longer is not ideal, but it has the potential to increase the security of your income in retirement dramatically. MORE FROM FORBES 6 Legal Ways To Get More Tax-Free Retirement Income By David Rae If You Are Behind, Consider Delaying Retirement Without saving adequately for retirement and having a spending plan for retirement, most Americans will eventually have trouble paying for even the most basic necessities. What will bring you the most happiness and enjoyment? Or perhaps, driving that paid-off car will allow for even more money in your travel budget.
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While I don't expect anyone to give up their iPhone in retirement, you may want to rethink other "necessary" expenses.ĭo you need to lease a new Lexus every two years without commuting to work? If that new car meant you needed to work an extra year or two to afford it, would you still "need" it? Perhaps, you could suffer by purchasing a new car every five years instead? An added benefit, the longer you own a car, the cheaper your registration and auto insurance will be.įreeing up your retirement spending plan money from all your day-to-day living expenses can mean retiring early. It is easy for things that were once luxuries to be considered necessities. (Photo by Christian Vierig/Getty Images) Getty Images Victoria Beckham during New York Fashion Week on Septemin New York City. NEW YORK, NY - SEPTEMBER 10: A guest in front of a Lexus seen in the streets of Manhattan outside.