Retirement Readiness: An Example of "How" - Experiencing Financial Contentment

Retirement Readiness: An Example of “How”

Podcast Details
Podcast Title:  Retirement Readiness: An Example of “How”
Podcast Series: Financial Literacy Boot Camp


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Earlier in episode #31 of Maven’s Keys, I started a discussion based on an article about retirement excuses.  Also in Episode #60, I gave you a system on how to organize your financial life and today I’ll provide you an example of how to use that system to be “retirement ready”…

  1. Taking the 50-30-20 rule, you can have retirement success by saving 20% of your current income.
  2. If you made $100,000/yr, using the 50-30-20 rule it would look something like this:
    1. Of the 5 ways to spend money–Taxes, Debt, Giving, Current Lifestyle Support, Future Lifestyle Support:
      • 25% to taxes (e.g. federal + state taxes, social security, Medicare, etc.) = $25,000
      • 20% to debt payments (e.g. house, car, student loans, etc.) = $20,000
      • 5% to giving/charities (e.g. giving to your church)=$5000
      • 30% to currently lifestyle support (e.g. everything else besides loan payments) = $30,000
      • 20% to future lifestyle support (e.g. savings to retirement or non-retirement accts) = $20,000
  3. Assuming you’re 30 years old…
    • $20,000 invested over 35 years at 9% interest per year would be approximately $4.3 million at age 65
    • $20,000 invested over 35 years at 6% interest per year would be approximately $2.2 million at age 65
  4. Assuming you live on 80% of $100,000 in retirement you would have enough to support your lifestyle

#financialtools #financialliteracy #economicempowerment #personaldevelopment #behavioralfinance #financialadvice #retirement #episode61


About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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The Maven of Financial Literacy

Dominique is owner of DJH Capital Management, LLC. a full service, comprehensive financial planning firm helping individuals build roadmaps to reach their financial dreams.

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