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Tag Archives: cost of retirement

What’s Your Cost to Retire?

The following is a guest post. If you would like to submit a guest post, please contact me. Statistically, the average American won’t start saving for retirement until the age of 30. That’s not even counting the growing number of self-employed workers who are navigating the financial landscape alone. You can safely estimate a few things, like your yearly contribution or whether you plan to have your home paid off before retirement. If you want to retire comfortably, estimating the cost of your retirement is the most important step in determining the contributions you must make. Inflation How much is inflation expected to rise? In 1970, a single pair of glasses that might have been sold to a 30 year old at the time cost roughly $18. Today, that same pair can go for over $400, not including the cost of an eye exam. That’s a dramatic change in just one item you will most likely need as you age. What about the cost of fuel (whichever source we finally decide to use) and food? Tools like the Charles Schwab retirement calculator can help you form a realistic picture of how much money you will need by your desired retirement ...

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