Sunday, July 29, 2007

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
Salary203040 5060*12% of Salary
$20,00045.83 105.62255.30 7033,316200

* 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

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