Essay on Retirement Plan For Retirement Plans
To determine the amount of money I will need for retirement, I used the CNN money calculator with references from Dave Ramsey to calculate savings for each month. If I am working as a TESL (Teaching English as Second Language) teacher at the age of 25, my annual income can range from $21,600 to $32,400. For this project, I used an annual income of $30,000 and based off of saving 15% of my income, I will need $467,351 with an income growing 3.8% each year due to inflation and salary growth (Retirement). After the age of 65, I will have $532,635 based off of saving 85% of my income in total (Retirement). However, this estimate is dependent on whether I will retire in the United States or out-of-country; it could be more or less.
How and When To Invest
Since I am still in college and do not have a job, I hope to start investing when I turn 23 ( I am 21 now) and possibly retire at 65 or 67. This will leave me with about 42-44 years…