Piggy BankThe thought of retirement seems far away, doesn't it? As we all know, time flies by and procrastinating definitely hinders our ability to grow our money. When we are dealing in the investment world, having time on our side is a huge component to substantial growth. So the earlier we start, the better chance we have of reaching our goal. If we wait too long, we end in catch up mode, resulting in less cash flow later and a bigger risk of having inadequate retirement funds.

What is the magic number we need to retire on? Well, everyone has different needs and circumstances in retirement. For the purposes of this article, let's assume that number is $1,000,000. If we use a 6% average rate of return for the entire investing period, here is what you need to salt away per month.
  • Age 20: $361
  • Age 30: $698.41
  • Age 40: $1435.83
  • Age 50: $3421.46
  • Age 60: $14261.49
Pension deposits from our employer do help out substantially. With that said, it still may not be enough. Look at the above figures and see where you fit. We may still need to put away a bit more. Whether you need to salt away a little bit more than you currently are or just start up an account, the earlier age you do, the more chance you will have in reaching your goal.

If you have any questions on the above please feel free to call me to discuss.

-Russ MacDonald, Heritage Insurance Ltd.

Make sure you have a sound plan for your finances. Call Heritage Insurance, Ltd. at (306) 667-7640 for more information on Moose Jaw retirement planning.
Piggy Bank

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