ING: How Much Money Do You Need To Retire?

If you have read this website with any regularity, you will know that I am a freak about having a financial plan.  I want a written and very detailed plan for anything related to my finances.

One thing that I teach during live events is the importance of calculating how much money you need to retire.  It is also taught in my book, I Was Broke. Now I’m Not.

It is SO IMPORTANT to know how much money is needed to retire well.

How much money do you need to retire?

One of my favorite on-line banks, has created a terrific website to help you answer the question. I went to the website and calculated my number, and it FIRED ME UP!!!

I enjoyed the brief exercise so much that I want to CHALLENGE to everyone today to take five minutes to complete the following two tasks (trust me, it will be worth it):

  1. Calculate Your Number at INGYourNumber.com
  2. Calculate Your Number using the JosephSangl.com “Retirement Nest-Egg Required Calculator“.

Are YOU going to be able to retire well?

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3 Responses to “ING: How Much Money Do You Need To Retire?”

  1. Ginny July 9, 2012 at 10:15 pm #

    Ok, this has nothing to do with the topic but I have been living in debt-hell for about 7 years now. Unfortunately, until about 3 years ago I didn’t have a clue as to where to start to get out of it and didn’t start making very significant progress until about 2 years ago. I have a plan now and hope to be out of it in about 1 1/2 years, except the mortgage. I say all this because no one around me except my husband really gets it. My family, church family and friends all seem to think I enjoy staying home and not having some of the nicer things. It normally doesn’t bother me so bad but I feel like those closest to me think less of me because in their eyes we are either boring or too poor. It probably shouldn’t bother me, but most know what we are doing and working towards and their comments still reflect this. So, I want to know have you ever felt this way or had these type reactions? If so, how did you deal with them?

  2. jsangl July 10, 2012 at 10:09 am #

    Ginny- When Joe and his wife Jenn decided it was time to start paying down their mortgage, they reevaluated their “wants” and “needs” which meant sacrificing some things many people would never consider. Joe wrote about it in a post titled “Wants < ==> Needs”. He got quite a few comments, not all in support of his decision. Here is the link to the blog where he addresses those comments http://www.josephsangl.com/2007/11/19/wants-vs-needs-backlash/ I think you will find it helpful.

  3. Ginny July 10, 2012 at 10:53 am #

    Thank you! I really needed that.

    I have had people talk about me being a “homebody.” People have given us looks or made crazy comments about us not having cable, dish, or internet. And I have been told about how I am wrong for giving to the church while my family “suffers.” All of my family’s needs are met, but a lot of the “extras” are cut. Anyhow, I guess I just get tired of the negativity when it is such a positive thing for us. Thanks again!

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