Are you retired in 10 years? 20 years? or 30 years?
Look at how much you need per month when you retire:
Inflation of 2.5% per year
Today's value: $2,000 $3,000 $5,000
10 years later: $2,560 $3,840 $6,400
20 years later: $3,277 $4,915 $8,193
30 years later: $4,195 $6,292 $10,487
If you need $5,000 per month now and you are retired 30 years later, you will need $10,487 per month when you retire 30 years later.
When you retire 30 years later (age 65), in order to provide monthly retirement income to you for 30 years (until age 95), you need an account balance in your retirement account (RRSP or other saving) of about $2,660,000 provided the inflation rate is continued to be 2.5% and the rate of return of your Retirement account is 5% every year for 30 years.
Can you save about $2.6 million dollars in 30 years?
How are you going to achieve your retirement goal?
Talk to us today about your retirement goal and we will help you to achieve it as we have helped many Canadian to achieve their goals and now they are all retired comfortably!
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