Sunday, December 30, 2007

Retirement Saving Challenge - Six Month Status

Those who joined the Retirement Saving Challenge on July 1, 2007 have just about completed six months. On Monday, December 31, 2007, one should have six months 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:

Six Month Amount by Age To Achieve
Savings Equal To 12 Times Salary
Salary203040 5060*12% of Salary
$20,0002726271,515 4,17319,6821,200

* 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 making $50,000 per year, one should have saved $680 by December 31, 2007. If more aggressive, one can choose to have saved $3,000.

This concludes the My Wealth Builder Retirement Saving Challenge. I hope challenge participants have found the process useful and beneficial. As seen in the above table, followers of the saving challenge have a made a good contribution to their savings. I wish everyone good luck in their own retirement savings journey.

Here are the related posts (in date order) 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

One Month Update - July, 2007

Two Month Update - August, 2007

Three Month Update - September, 2007

Four Month Update - October, 2007

Five Month Update - November, 2007

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

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