O.K., Financial Planners, Grab a Calculator and Let’s Get Started
Use these calculators as a way to begin thinking about how much you will need to fund your old age. Someday, you will not be able to earn income through your work, you will need to have accumulated capital to pay your way. How much will you need and what is your strategy to getting there? I’ll talk more about this in later posts. Remember, the younger you are when you begin, the less costly it is.
O.K., Financial Planners, Grab a Calculator and Let’s Get Started
By DAMON DARLIN
Published: January 27, 2007, New York Times
The only way to know whether you have saved enough for retirement is, when you suck in your last breath, for someone to show you your bank statement.And you smile.
Until then, you’ll have to depend on financial planners and software.
In all the debate over whether Americans are saving too much or too little, there is considerable agreement on a few things. For instance, it pays to start saving early because the power of compounding, especially in a tax-free account, means you’ll have more money later. The other advice that everyone gives the nod to is that you need a plan and you need to revisit that plan every year.
