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retirement plan yet. I have been very worried about what position we are
going to be in when we are ready to retire. Im assuming we wont be able to
retire at 65, but I have no idea how long we will need to work. For this
reason, I have chosen to look into a retirement plan for my final project. I
hope to learn at what age I think we will be able to retire comfortably, how
much we need to start putting into a retirement plan (Im assuming it will be
more than the usual so we can make up for lost time), and how much money
we can expect to have by the time we retire. At this point, my hypothesis is
that we will retire late and will not have enough to be worry free by the time
we retire; hopefully by planning we can change that.
In order to find this information, I plan to develop a retirement plan
that is realistic for us. In order to utilize this retirement plan I want to work
out a monthly budget according to the needs we have now as well as what I
predict we will need in the future (clothing, food, schooling, and recreational
activities for the kids). By working out this monthly budget I will be able to
get a realistic estimate as to how much we can put into a retirement plan
now. I also want to calculate the budget using different income levels as my
husband is just in the beginning of his career and I am currently unemployed.
I would like to see how much we can put into retirement once I start working
and how much we will be able to do while Im not working (which will
hopefully be until our kids are all in school). Next, I want to work out a
retirement budget to get an idea of what our monthly costs will be. I also
References:
401k Retirement Calculator. (2015, March 16). Retrieved December 8, 2015, from
http://www.bankrate.com/calculators/retirement/401-k-retirement-calculator.aspx
Financial decisions are complicated. (n.d.). Retrieved November 21, 2015, from
http://www.valuepenguin.com/
Overview of BLS Wage Data by Area and Occupation. (2013, December 16).
Retrieved December 8, 2015, from http://www.bls.gov/bls/blswage.htm
Personal Property - Iron County Government. (n.d.). Retrieved November 21, 2015, from
https://www.ironcounty.net/department/assessor/personal-property/