What is your â€œnumberâ€ (see reading for techniques and tools)? What might cause your number to be higher? What average annual return do you need on your investments between now and retirement to reach your number? How might you achieve this rate of return?
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Retirement and â€œThe Numberâ€
Letâ€™s first talk about your retirement. How much do you need to retire on to maintain a comfortable life-style? To live where you want to live, to have the means to visit your family and friends, to go on vacation, and to pursue your interests and avocations?
Specialists call this â€œThe Number.â€ Financial planner, Lee Eisenberg, wrote a book about retirement planning called â€œThe Number,â€ the size of the nest egg needed to support a desired retirement lifestyle. Is it $1 million, $2 million, what?
ING, the insurance company, will ask for your age, current income, your expected future income needed at retirement, and life expectancy; and instantly, it will provide you with a minimum net worth (â€œThe Numberâ€) to retire on.
Decide what â€œThe Numberâ€ is for you by going to:
Also take a look at the Employee Benefit Research Instituteâ€™s ballpark estimator to gain some perspective concerning your likely social security check when you reach that retirement age.
|Grading Criteria Assignments||Maximum Points|
|Meets or exceeds established assignment criteria||40|
|Demonstrates an understanding of lesson concepts||20|
|Clearly present well-reasoned ideas and concepts||30|
|Mechanics, punctuation, sentence structure, spelling that affects clarity, and citation of sources as needed||10|