New to the Live Richer Challenge: Net Worth Edition? Learn more about it HERE.

Missed some of the Challenge tasks? Catch-up then come back…

Day 15: HEREFinding Your Why

Day 16: HERE: 401(k) and IRA


Week 3: Maintaining Your Net Worth

Today’s Easy Financial Task: Find out if you’re on track for retirement.

How to rock this task:

  • Use a retirement calculator to determine how much you need to save


Welcome to Day 17 of the Challenge!

Today, we’re talking about retirement.

The golden years.

The permanent vacation.

Retirement may be years or even decades away from now for you, but early planning is key if you want to live the permanent vacation type lifestyle.

The scary truth is that today many middle-aged adults are approaching retirement age with little or no savings to fall back on in the golden years.

Here are some alarming stats from The Motley Fool:

  • 1 in 3 Americans have nothing saved for retirement
  • The average 50-year old only has $60,000 saved for retirement
  • The average social security check is just $1,355 per month


Would you be able to lead the lifestyle that you want in retirement on $1,355 per month?

There’s also no guarantee that social security benefits will be available for future generations. Ultimately, the responsibility for saving is in our own hands.


A lack of preparedness when you hit retirement doesn’t just have an impact on you and your spouse. It can also put a burden on your children and family.

When planning for retirement, you aren’t just doing it for yourself. You’re doing it for the betterment of your family and legacy.


The time to think about retirement savings is now!

Starting early means you can take advantage of compounding interest. Compounding interest is essentially money making money that’s making money.

We love compounding interest y’all, woot woot!

Since saving for retirement is crucial for increasing your net worth, in today’s lesson, I want you to use a retirement calculator to determine where you are right now.


The Retirement Calculator

You can use the retirement calculator from NerdWallet here.

Using it is pretty simple.

  1. Enter your age
  2. Enter your household income
  3. Enter your current savings

Then use the menu on the left-hand side to toggle the variables including your monthly income, what you’ll spend each month when you retire, and your retirement age.


Make Adjustments or Sign up for an Assessment  

When you get your result, don’t be alarmed if you’re not as close as you should be!

If you’re in the yellow, green, or blue areas give yourself a pat on the back.

You’re on your way, getting close, or on track. That’s something to be proud of.

If you’re in the red and your retirement plan needs attention, take pride in the fact that you’re now aware and you can take steps to prepare.



Today is the last day in the Challenge to take advantage of this AMAZING freebie from ElleVest.

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We’ve reached the end of today’s lesson!

Woop, woop!

I love talkin’ about retirement.

Share with your accountability partners how you felt about this task.

If you feel comfortable, you can also comment below on how close you are to being prepared for retirement!


Be sure to share what you’re doing today with your friends on Twitter!

Today, I calculated how much I need to save for retirement! Day 17: #LiveRicherChallenge… Click To Tweet


Live richer,



You can reach out to me here:

Twitter: @thebudgetnista

Instagram: @thebudgetnista

Facebook: The Budgetnista

Private Forum: Dream Catchers : LIVE RICHER


P.S. Don’t forget to get your free Live Richer Challenge: Net Worth Edition Starter Kit. GET IT HERE.

P.P.S. Here’s a copy of the Challenge Calendar. It’s a fun way to keep track of your progress.

LRC Net Worth Calendar

Want to work through the Live Richer Challenge: Net Worth Edition in a workbook? It’s part of a bestselling series!

Click the link below and get your copy.

My Lisa Rule: I have 4 sisters and Lisa is the baby (well she’s not a baby anymore). Of all of my sisters, I’m the most protective of her. Before I share any product or service with you, it must pass my Lisa Rule.

What’s the Lisa Rule? If I would not advise Lisa to use a product or service, I won’t advise you to. YOU are my Lisas. I feel protective of you and your financial journey.

Ellevest passes my Lisa Rule. Yes, I am an affiliate of Ellevest, and I earn a commission off of referrals, but I would not recommend a product or service that I didn’t believe was helpful and useful.

  • Alexis Higgins

    I know I need to do better! According to the calculator, I’m 44% to my goal but it won’t retire until I’m 77. No way!!! I need to retire before this age. Time to make some changes

  • Karlene Ramsden

    Well this was interesting, Day 17, NerdWallet estimated that I am 28% off my retirement. Which puts me in the yellow bracket. I know I have work to do in regards to retiring comfortably, so with my yearly goals of increasing my Net Worth, I would definitely see that much needed number. Thank you again Tiffany, it’s a lot of information, but your insight of showing the necessary steps to LiveRicher will change all our mindsets to realize our short n long term goals🙏🏽✌🏽❤️ 2 u n urs daily.

  • Nicole Garris

    I’m at the 50% range and it said I too would retire at 76. I plan on working until the Lord calls me home anyway.
    As long as im doing what I love. It will not seem like work.

    • I’m glad that you did the plan and you know where you stand.

  • Twyla McDonald

    I’m at 65% of my goal but I know I can do better! Let me get this Net Worth up and I’m retiring before the recommended 73.

  • Jeanette

    According to the calculator I’m at 20% of my goal. I only used my income, but am getting married in the next year. That being said, my ultimate goal is to retire in 5 years and live overseas. This decision is a blessing because I get to live an elevated lifestyle, in a beautiful environment, while still engaging in the type of work that fits with my purpose in life. This would definitely not be in the case if I chose to remain in the states, but through God’s grace I’m able to walk a different path. Will still be using the information learned here to maximize my earning and savings potential as much as possible to decrease liability and increase my net worth.

    • Love this @@disqus_ferDzj27gN:disqus . Having clear goals helps to keep you focused.

  • Shantelle Guyton

    I am in the 48% range. This is depressing.

    • Awww, don’t feel bad. Now that you know, you can do something about it.

  • Crystal Morgan

    Great resource! I’m saving it to check in periodically. I’m on track and even says I can retire early with what I have done thus far! That makes me even more excited.

  • Jocelyn

    When using the calculator, am I to only use my savings account info? Or should i include whats in my Mutual Fund, 401k/IRA?