Comments on: Determine Your Retirement Needs In 3 Easy Steps

By: CamKC

CamKC — Sat, 13 Jun 2009 23:37:21 +0000

I’ve done a spreadsheet and put it up on Google Docs at:

http://spreadsheets.google.com.....utput=html

There’s a column there headed “Factor” which makes the calculations a bit simpler.

So now you can find your retirement needs in one step.

Find the row with your number of years to retirement, grab the “factor” value, multiply it by the amount you want in the first year of retirement, and there you are.

For example, 35 years to retirement has factor 98.65, so if you want $70,000 then its:

98.65 * 70 000

If you want 50,000 then its:

98.65 * 50 000.

I hope this helps.

Click “CamKC” if you’d like to see my finance blog.

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By: Nasty Mr Inflation …. « How to Make 7 Million in 7 Years™

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By: AJC @ 7million7years

AJC @ 7million7years — Wed, 27 May 2009 21:52:26 +0000

@ Elaine – You earn 4% on your money and before you get to spend any of it, Mr Inflation ’spends’ 3.5% for you … can YOU live off just 0.5% of $1.8 Million?

By: Make Friends, Earn Money

Make Friends, Earn Money — Fri, 30 May 2008 09:55:15 +0000

Many people forget to adjust for inflation and I’m glad you’ve pointed this out. That’s why final slary schemes are great because the adjustment is already made, but in private pension planning you definately need to do this.

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By: Pinyo

Pinyo — Wed, 19 Dec 2007 23:14:21 +0000

@Elaine – Welcome to Moolanomy. No, I didn’t include it, nor mentioned that most people will have to invest for another 20 years during their retirement. I was just trying to keep it simple

By: Elaine

Elaine — Wed, 19 Dec 2007 20:23:16 +0000

I don’t see interest included in the calculations here. Even at 4%, *just the annual interest* on 1.8 million will cover your annual needs. Not that that’s a bad thing, you’ll still have 1.8 mil left when you die. If you plan to use up all your money in retirement the necessary amount would be quite a bit lower.

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