The amount that we are saving might not be sufficient for us to retire at the age we feel we should be retiring.
Assuming you make the income as per below.
Assuming you save 20% of your monthly income, and there is no inflation.
| Age | Monthly Income | Annual Savings |
|---|---|---|
| 20 - 24 | $2,000 | $4,800 |
| 25 - 39 | $2,500 | $6,000 |
| 30 - 34 | $3,000 | $7,200 |
| 35 - 39 | $3,500 | $8,400 |
| 40 - 44 | $4,000 | $9,600 |
| 45 - 49 | $4,500 | $10,800 |
| 50 - 54 | $5,000 | $12,000 |
| 55 - 59 | $5,500 | $13,200 |
| 60 - 64 | $6,000 | $14,400 |
When you reached age 65, you would have saved $216,000 in total.
Below is the retirement income you can get depending on how long you think you can live.
| Live Till | Retirement Years | Monthly Income |
|---|---|---|
| 95 | 30 | $1,200 |
| 90 | 25 | $1,440 |
| 85 | 20 | $1,800 |
| ... |
