Establishing your own financial legacy

  

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Establishing your own Financial Legacy

Calvin T. Williams

33 unread replies.33 replies.

According to the website The Nest (Links to an external site.), if you put your money into an account or investment that pays 1 percent annual interest, you’ll need to save $28,465 a year to reach $1 million in 30 years.

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· At 2 percent annual interest, you’ll need about $24,170 a year;

· at 3 percent, about $20,410 a year;

· at 4 percent, about $17,145 a year;

· at 5 percent, about $14,335 yearly;

· at 6 percent, about $11,935 yearly.

1- Given that information, list a retirement savings goal (such as 100,000, 1 million, 10 million, etc.)

2- Next, list your current age (if you are comfortable doing so) and the age you think you will want to retire (Most individuals retire between the ages of 62-67 in order to take advantage of social security benefits; you do not have to choose any of those ages, however).

3- Considering the Rule of 72 (see this week’s Instructional Materials) determine and list how much savings per month and year you will need to make your saving goal a reality at a 5 percent interest rate.

For example, a 32-year-old with a retirement savings goal of 1 million will need to save $14,335 yearly or $1,194 per month at an interest rate of 5 percent to reach 1 million by a retirement age of 62. 

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