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: HERE: Finding 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.
- Enter your age
- Enter your household income
- 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.
To help you increase your investments, Ellevest is redefining investing for women, and you’re sooo invited. Get exceptional tools to reach your biggest goals.
Start by getting your FREE, personalized investment plan from ElleVest. A financial advisor would typically charge you $1000 or more to create this plan for you. But I got the hook-up.
Get your free plan here:
We’ve reached the end of today’s lesson!
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 #LRCNetWorth Click To Tweet
You can reach out to me here:
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.
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.
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.
- affordable living
- ask the budgetnista
- budgeting & saving
- business tips
- buy car
- Consumer reports
- creative summer fun
- credit cards
- credit report
- credit score
- Financial help
- identity theft
- LIVE RICHER Challenge
- live richer credit
- live richer net worth
- money mindset
- reduce spending
- save on groceries
- side hustles
- small business
- student loans
- summer fun
- summer fun on a budget
- thank you
- The Frugal FAB 5
- travel tip
- value added
- ways to save
And I heard her say…
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- April 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- April 2016
- March 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- May 2015
- March 2015
- February 2015
- January 2015
- December 2014
- November 2014
- September 2014
- August 2014
- July 2014
- June 2014
- April 2014
- March 2014
- February 2014
- January 2014
- October 2013
- September 2013
- June 2013
- May 2013