Retirement Saving Challenge - One Month Status

Those who joined the Retirement Saving Challenge on July 1, 2007 have almost completed a month. On Tuesday July 31, 2007, one should have one month of saving, either at a rate to create 12 times income at age 65, or at a rate of 12% of salary. Here's what one's savings should be at this time:

	One Month Amount by Age To Achieve Savings Equal To 12 Times Salary
Salary	20	30	40	50	60*	12% of Salary
$20,000	45.83	105.62	255.30	703	3,316	200
$30,000	68.74	158.43	382.94	1,054	4,974	300
$40,000	91.65	211.32	510.59	1,406	6,632	400
$50,000	114.57	264.04	638.24	1,757	8,290	500
$60,000	137.48	316.85	765.89	2,109	9,948	600
$70,000	160.39	369.66	893.53	2,460	11,606	700
$80,000	183.31	422.47	1021.18	2,812	13,264	800
$90,000	206.22	475.28	1148.83	3,163	14,922	900
$100,000	229.13	528.09	1276.48	3,515	16,580	1000
$110,000	252.05	580.89	1404.13	3,866	18,238	1100
$120,000	274.96	633.70	1531.77	4,217	19,896	1200
$130,000	297.87	686.51	1659.42	4,569	21,554	1300
$140,000	320.79	739.32	1787.07	4,921	23,212	1400

* Mathematically not possible. Shown only for reference

One can choose the lower of the 12 Times Number or the 12% Number. For example, if 20 and make $50,000 per year, one should have saved $114.57 by July 31, 2007. If more aggressive, one can choose to have saved $500.

Since this is an honor system challenge, there is no need to report one's results. I hope everyone is make progress towards their retirement savings target. Next update will be around August 26, 2007. Good luck til then.

Here are the related posts for The Retirement Saving Challenge:

Retirement Saving Challenge

Set A Goal

Create Environments and Behaviors

Daily Savings Targets

Preparation - Timeless Personal Finance Recommendations

Finding Money To Save

The Power of Compounding

Get Started

For more on New Beginnings, check back every Sunday for the next segment.

This is not financial advice. Please consult a professional advisor.

Copyright © 2007 Achievement Catalyst, LLC