Retirement Saving Challenge - Two Month Status

Those who joined the Retirement Saving Challenge on July 1, 2007 have almost completed two months. On Friday, August 31, 2007, one should have two 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:

	Two Month Amount by Age To Achieve Savings Equal To 12 Times Salary
Salary	20	30	40	50	60*	12% of Salary
$20,000	92	211	511	1,406	6,632	400
$30,000	137	317	766	2,109	9,948	600
$40,000	183	422	1021	2,812	13,264	800
$50,000	229	528	1276	3,515	16,580	1,000
$60,000	275	634	1532	4,218	19,896	1,200
$70,000	321	739	1787	4,921	23,212	1,400
$80,000	367	845	2042	5,624	26,528	1.600
$90,000	412	951	2298	6,327	29,844	1,800
$100,000	458	1056	2553	7,030	33,160	2,000
$110,000	504	1162	2808	7,733	36,476	2,200
$120,000	550	1267	3064	8,436	39,792	2,400
$130,000	596	1373	3319	9,139	43,108	2,600
$140,000	642	1479	3574	9,842	46,424	2,800

* 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 $229 by August 31, 2007. If more aggressive, one can choose to have saved $1,000.

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. The next update will be around September 30, 2007. Good luck until then.

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

For more on The Practice of Personal Finance, check back every Wednesday for the next segment.

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

Copyright © 2007 Achievement Catalyst, LLC