Five Minute Checkup - Are you in Saving a Healthy Amount for Retirement?

Thanks goes out to Mapgirl for pointing out that it is National Save For Retirement Week! Check out the NSFRW website (click here). There is a ton of good info on there about saving for retirement for both employees and employers!

According to the site:

Research has shown that more than half of all workers in the states have less than $25,000 in total savings. Even more startling is the fact that 41 percent of workers between the ages of 45 and 54 report the same amount.

With longer life expectancies and rising costs, it's critical that Americans understand the importance of saving-now.

One of my favorite parts of the site is the 5 Minute Checkup (click here). Here you can quickly estimate how much you should be saving to meet your retirement goals. I took the checkup and here is how I did...

First you must enter your current data:

(that's right, I want to retire by 55!)

Once your current data is in hit Calculate! Here are my results...

As you can see, I have a long way to go. I need to really start cranking out some big numbers related to my retirement savings. I think that will be one of my biggest goals for FY 2008. While not a comprehensive look at my retirement picture, it does spur the mind into actively thinking about how much we will actually need to retire. Retiring early will be especially challenging.

Cheers,
TMac

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