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Retirement - Its Sooner Than You Think!! (honestly)
By Kate Hufstetler, Fri Dec 9th

Many people hear "retirement" and think— what? 401K? Roth vs.Traditional IRA? Stocks, bonds, mutual funds? Do they?

Or do many people put money away according to the suggestedamount and then simply hope that when retirement comes all willwork out?

One report I read estimated that 66 million Americans have putaway a Whopping $0 towards retirement.

Many people are still thinking there might be a thing calledSocial Security around when they retire. Social Security: as of2004, the average annual Social Security retirement benefit isapproximately $11,000. That is not a lot to live on folks. Plus,we all hear the news periodically that there might not be anySocial Security around when we get older and need it.

And as a further WAKE UP call, I found a calculator whichestimated (without Social Security): * a couple at 40 * bringingin $90k a year (together) * with very modest investments wouldneed to save an additional $2,690,000.00 ( yes 2 million +) inorder to retire at 65-- OR – plan on working an additional 29years!!

Now before you get overwhelmed and click over to anotherarticle—lets put our heads together and simply cover a few veryvery basic start up basics.

1) Standard Of Living: You need to know at what standard ofliving you will want to live during retirement. 2) Basic LivingExpenses: You will need to calculate the cost of basic livingexpenses (at that level) i.e. electric bill now of $200 = whatin 2030? 3) Hobbies and Leisure Activities: Know what type ofhobbies, and leisure activities you will keep busy with and whattheir cost might be then. 4) Family Visiting / Travel: Realizethat more and more children move away when grown. So while theywork out of state—YOU may need to do the traveling to see them.Plan for these costs. 5) Convalescent Care (nursing home costs)provincially run about $100/day


median. You will need tomultiply that times the same 4% inflation rate. Then multiplythat times the number of years before you may need it—toapproximate how much you may need to afford for your housingwhen you need assistance. Truth be known—WE need to plan tohandle that cost ourselves, rather than think our children willbe able to take on that kind of additional cost.

You will need to total yearly amounts. You will need theapproximate yearly cost to live (at your desired level) duringregular healthy retirement. And, you will need the total yearlyamount of costs to live in assisted or full care livingfacilities ( for each – you and mate).

Multiply each yearly amount by the number of years you might beliving in that circumstance. Example: Retire at 65. Live healthyretirement- 15 years (so 15 x yearly cost of healthy living) .Live assisted – 8 years ( so 8 x yearly cost of living in care).

You now have two totals that when added together equal yourestimation of the total dollar amount you will need to draw fromin order to live after retiring. NOW you are ready to beginplanning your investments in such a way that you can achievethat TOTAL number by the time you retire.

Here are some tools to help you now that you are ready to takethat first step: USA Today retirement cost calculator: Fool’s retirement area Metlife’sretirement area,1674,P1946,00.html’s HUGE retirement resourcearea:

Until next time—all the best, Kate


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