ECONOMICS
SAVING AND INVESTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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$100, 000-$200, 000
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$200, 000-$400, 000
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$400, 000-$600, 000
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$600, 000-$1, 000, 000+
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Detailed explanation-1: -How much money do you need for retirement. Those planning to retire in their 60’s would require around 60-80% of their pre-retirement monthly income during retirement. However, for early retirement, that figure is much higher.
Detailed explanation-2: -If you retire with $500k in assets, the 4% rule says that you should be able to withdraw $20, 000 per year for a 30-year (or longer) retirement. So, if you retire at 60, the money should ideally last through age 90. If 4% sounds too low to you, remember that you’ll take an income that increases with inflation.
Detailed explanation-3: -Assuming that you have $100, 00 in your retirement savings account, you should withdraw 7%, which is $7, 000 every year.
Detailed explanation-4: -Start saving, keep saving, and stick to. Know your retirement needs. Contribute to your employer’s retirement. Learn about your employer’s pension plan. Consider basic investment principles. Don’t touch your retirement savings. Ask your employer to start a plan. Put money into an Individual Retirement. More items