Are You on Track for Retirement?
Ok, so hopefully by now you have all started to ignore the major dips and recoveries in our markets and only pay attention enough for water cooler talk at work. If you are still worrying about it daily, here is a productive way to get your mind off the market and your emotions back to being excited about investing…
Click here, to get to a simple calculator that quickly computes savings including interest. You can also find the link in our ‘Tools’ section on our homepage. Go ahead and enter in whatever amount you currently have saved in ALL of your retirement accounts. In the Second box, enter in the amount you deposit monthly into a retirement account. Make sure to include all employer matches as well as totaling up your spouse’s monthly investments. Then enter in an annual percentage rate you hope to get from your accounts. I usually enter in 8 percent, which is actually under the lifetime average of most of my index funds. Now, enter in the number of years it will take you to reach the age of 65 (or whatever year you hope to retire).
Now, hit calculate and see if you are on your way. Hopefully the number will surprise and excite you to remember how much fun investing is again. Maybe the number is lower than it should be and you should find ways to trim you’re spending and increase your savings. $
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I think we will still see difficulty as folks try to understand that saving is different from investing, risk doesn’t always offer rewards, and confidence is often not fleeting and elusive.
As someone once said, for the first seventeen floors after jumping from a eighteen story building, you have the feeling that you are flying.