Success from Scratch – The Challenge
How much will you need to maintain your current lifestyle once you retire and stop working?
Charles Schwab suggests that for every $1,000 in monthly income you’ll want during retirement, you’ll need to have $230,000 invested when you stop working.
If you have $1 million invested with a 6% yield - that will give you a taxable income of about $4,300 a month.
Whether that’s enough will depend on a number of factors, such as:
At, any rate, today $4,300 a month may not be enough to support the extravagant lifestyle you may be envisioning for yourself. If you are hoping to travel and have an active life, it may not even be adequate. With inflation, it may be less than adequate.
Know YOUR retirement income.
Next….Become Conscious About Your Money!