Tools
How Much Money Do You Need To Retire Well
Do you know how much money you will need to retire well (independent of Social Security)?
There are many ways to calculate an estimate, but I really like the Retirement Nest-Egg Required calculator that we have placed in the FREE TOOLS section.
To calculate your number, you will need to know two numbers:
- The annual amount you want to live on at retirement (in today’s dollars)
- The number of years until you retire
Suppose one wants $50,000/year (today’s dollars) during retirement and plans to retire in thirty years. Punch the numbers into the Retirement Nest-Egg Required calculator and this is what you will see:
Because inflation erodes the spending power of money, the annual amount we want must be adjusted. Using an assumed inflation rate of 4%, one will need $162,170/year in thirty years to have the same spending power of $50,000 today.
At different rates of return, you can see different amounts that need to be saved. Eight percent is a common rate of return on investment that financial planners use.
What is your number? Are you going to achieve it?
How Healthy Are Your Finances?
I saw that title on an article link at CNNMoney's personal finance website, so I clicked on it.
The link leads to a great tool that helps you evaluate your current financial condition – then it gives you a report card grade.
Check it out HERE.
Upgraded Tool – Actual Cost Of Debt
The IWBNIN team has upgraded the “Actual Cost of Debt” tool.
The upgrade was made to include the “Debt Freedom Date” in its calculation as well.
Do you know how much your debt is costing you? Use this tool to find out, and then work to reduce the interest rates by restructuring your debt!
Should You Refinance?
I ran across a "Does It Pay To Refinance?" Calculator at CNN Money recently.
You can access it HERE.
This is an excellent tool to use if you are considering refinancing your mortgage!
Great Leadership Book – Tony Morgan
If you are a leader or are developing yourself to be a leader, I highly recommend you jump over to Amazon.com and pre-order Tony Morgan's new book – Killing Cockroaches. Tony serves as the Chief Strategic Officer on the Strategic Management Team here at NewSpring Church, and he is freakishly smart when it comes to leadership and strategy. As a plus, he is a funny. I would also subscribe to his website. His blog is on my short list of every day must-reads.
Oh, and this other no-name guy named Andy Stanley wrote the foreword for Tony's book.
Watch a GREAT introduction to Tony's book by clicking on the YouTube video below
While you are at it, you might want to pick up Tony's other three books on strategy that he co-authored with Tim Stevens.
Find other great resources at the I Was Broke. Now I'm Not. Amazon.com Resource Center.