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The answer to this question depends on your personal situation. One way to determine this is to look at your personal spending budget and then remove any items that do not occur during retirement. For example, most people want to pay off the mortgage before they retire. In that situation they can subtract their mortgage payment from the current spending to determine their retirement spending. Also you need to add back anything that you would spend in retirement but not before. For example, long-term care insurance might be an item you pay for only during your retirement years.
Another way to calculate this is to use the rule of thumb that most people spend 75% of their pre-retirement expenditures during retirement.
Once you have the retirement spending amount you can calculate the amount of retirement income you need by dividing your retirement spending by (1 + your average tax rate). You can then compare this number to your current income to get the percentage of your current income you need during retire.
One last thing, you need to be aware that your retirement income needs to go up each year by inflation to cover the increases in your retirement spending.
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Financial experts advise you will need approximately of your pre-retirement income in order to maintain your standard of living after you retire?
80 percent
Financial experts advise you will need approximately of your pre-retirement income in order to maintain your standard of living after you retire.?
80 percent
What personal information do you need to open up a credit card?
Full name, current address, current phone number, Social Security number, employment status/info, marital status, income verification, and so forth.
What information is needed to refiance a loan with Riverside Mortgage?
There is a lot of documentation needed in order to refinance a home loan with riverside mortgage. You will need the details of your first mortgage, as well as proof of current income and liabilities. Then you will need to get an appraisal of your home.
How much time i need on military active duty to be approved for a home loan?
90 days... if you are on current active duty. 180 days if you were discharged. You can write to the VA for your Certificate of eligibility and they will determine if your time in service is enough...if you were in the National guard , the time of service is longer. Even though you have a certificate of eligibility from VA that does not automatically guarantee you can get a VA loan. You still have to have income , assets,credit and debt to income ratio's that meet the current VA guidelines. They also require residual income based on the number of people in your household.
Financial experts advise you will need approximately of your pre-retirement income in order to maintain your standard of living after you retire?
80 percent
Financial experts advise you will need approximately of your pre-retirement income in order to maintain your standard of living after you retire.?
80 percent
What is the meaning of an early retirement calculator?
An early retirement calculator looks at information such as current age, years to retirement,income and savings to help you determine the amount you will need to retire. In short, it helps you determine the amount you need to save in order to reach your retirement goals.
Where can one get a good income calculator?
A good income calculator can be found on many banking websites. These can help people find out how much income they need for their current outgoings and whether they need to budget better.
To stop working usually at a certain age?
Retire
Can you retire at age 50?
It is possible to retire at age 50, but you would need to have a solid financial plan in place to support yourself for potentially a few decades in retirement. Factors such as savings, investments, pension, and other sources of income would need to be considered to ensure a comfortable retirement at such a young age.
How much would you need to earn to be in the top 5 of household income?
Household income levels that place one in the top 5 percent vary by location and change over time. However, at a national level in the United States, earning around $200,000 per year would typically put a household in the top 5 percent of income earners.
Can child support be modified for rate of current income?
Yes. If there is a substantial change in income the order can be modified. You need to file a motion for modification at the court with jurisdiction.Yes. If there is a substantial change in income the order can be modified. You need to file a motion for modification at the court with jurisdiction.Yes. If there is a substantial change in income the order can be modified. You need to file a motion for modification at the court with jurisdiction.Yes. If there is a substantial change in income the order can be modified. You need to file a motion for modification at the court with jurisdiction.
What kind of information do I need to calculate the monthly payments on my loan?
You monthly payment on a loan is largely based on your monthly income. usually you are expected to pay 15% percent of you income to you debtors or creditors.
Can short term stock losses be applied against current year short term income to the full extent of short term income?
I need a short term objectives for a beauty salon
How would one earn a second income?
A second income can be earned by acquiring a second job. You will need to ensure that the hours of work do not conflict with your current job and that you will be paying the correct levels of tax after you take the second job.
Retirement Calculators: Plan a Brighter Future?
Unexpected financial obligations may surface during retirement. You may develop an unforeseen illness, or your dependants may unexpectedly need your financial assistance. Another factor to consider is the instability of pension systems and social security. The extra money required to cope with such obligations may throw your retirement plan off track if you fail to plan ahead. Gain the knowledge you need in order to plan for a secure retirement by utilizing retirement calculators. Gather Needed Information Beforehand There is some information that you will need to plug into retirement calculators in order to get the most accurate results. Knowing what information is required, and gathering it beforehand, will make the process smoother. Here is what you need to know: • Age at which you plan on retiring. • Total income of your household. • Total amount of funds that you have already put aside to go toward your retirement. • Annual return rate that you expect your investments will provide before you retire. • Annual return rate that you expect your investments will provide after you retire. • Percent of your annual household income that you plan on saving toward your retirement. • Percent of expected increase in household income annually. • How many years you expect you will use your retirement income. • How much money you will need annually to meet all of your financial obligations once you retire. Information Provided by Retirement Calculators Once you have plugged your information into retirement calculators, you can expect them to give you a summary of your current retirement plan. They will also provide information on how you might need to adjust your plan in order to have a more secure retirement. Retirement calculators help you to look at the big picture and plan for a better retirement. They will help you understand how much you really need to save. Retirement calculators will also figure out how many years you need to work in order to achieve your goal and live comfortably during your retirement years.
