You may have to become an Everyday Millionaire

How much money will you need to be able to retire?

     This is a question that most people don't even want to think about.  Mostly because they know they are not prepared and don't think they can get there.  This post will give you an idea of how much money you would need to have saved in order to be able to retire with enough money to live comfortably for the rest of your life.  I talk to people all the time that tell me that they don't care if they become a millionaire but the more research I do, the more I am convinced that people may have to become an Everyday Millionaire just to be able to retire.

     Here is a chart I put together to give you an idea of how much money you will need to maintain your lifestyle through your retirement years.  I don't want to scare you, well yes, I guess I do.  But the truth is you can do it with some changes in the way you look at and handle your money, combined with some time.  For more information on how to get started, go to my website at www.TheEverydayMillionaire.com

1. Take the monthly amount of money you need to support your lifestyle now.

2. Subtract your expected monthy social security and pension payments.

Use that figure for the first column and the chart will show you how much you will need to start with from your 401K, IRA and Savings.

Monthly Income	Number 10	Of 15	Years 20	In 25	Retirement 30
$1,000	$86,126	$111,255	$128,982	$141,486	$150,307
$2,000	$172,252	$222,511	$257,965	$282,973	$300,615
$3,000	$258,379	$333,767	$386,947	$424,460	$450,922
$4,000	$344,505	$445,023	$515,930	$565,947	$601,230
$5,000	$430,631	$556,279	$644,912	$707,434	$751,537
$6,000	$516,758	$667,535	$773,895	$848,921	$901,845
$7,000	$602,884	$778,791	$902,877	$990,408	$1,052,152
$8,000	$689,010	$890,047	$1,031,860	$1,131,895	$1,202,460
$9,000	$775,137	$1,001,303	$1,160,842	$1,273,382	$1,352,768
$10,000	$861,263	$1,112,559	$1,289,825	$1,414,869	$1,503,075

In order to put this together I made some assumptions that are not helpful.  They actually will add to the number you need to have saved.  Those assumptions are.

1. That you receive an average of 7% per year on your invested money.
2. That your cost of living will not increase.
3. That you will pay no income taxes in your retirement.

     Right now you are probably feeling that this is an impossible task.  The point I am trying to make is that you have to get started.  After you get started you will see that you will be better off in the long run, no matter how big or small of a dent you are able to make in this number. 

     Just remember that a penny doubled ten times is only $5.00.  A penny doubled 20 times is over $5,000.  But a penny doubled 30 times is over $5,000,000.

Thanks for reading

www.TheEverydayMillionaire.com