| Three Month Amount by Age To Achieve Savings Equal To 12 Times Salary | ||||||
|---|---|---|---|---|---|---|
| Salary | 20 | 30 | 40 | 50 | 60* | 12% of Salary |
| $20,000 | 136 | 313 | 758 | 2,086 | 9,841 | 600 |
| $30,000 | 204 | 470 | 1136 | 3,129 | 14,762 | 900 |
| $40,000 | 272 | 627 | 1515 | 4,173 | 19,682 | 1200 |
| $50,000 | 340 | 784 | 1894 | 5,216 | 24,603 | 1,500 |
| $60,000 | 408 | 940 | 2273 | 6,259 | 29,523 | 1,800 |
| $70,000 | 476 | 1097 | 2652 | 7,302 | 34,444 | 2,100 |
| $80,000 | 544 | 1254 | 3031 | 8,345 | 39,364 | 2.400 |
| $90,000 | 612 | 1410 | 3409 | 9,388 | 44,285 | 2,700 |
| $100,000 | 680 | 1567 | 3788 | 10,431 | 49,205 | 3,000 |
| $110,000 | 748 | 1724 | 4167 | 11,474 | 54,126 | 3,300 |
| $120,000 | 816 | 1881 | 4546 | 12,518 | 59,047 | 3,600 |
| $130,000 | 596 | 2037 | 4925 | 13,561 | 63,967 | 3,900 |
| $140,000 | 952 | 2194 | 5304 | 14,604 | 68,888 | 4,200 |
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 $340 by September 30, 2007. If more aggressive, one can choose to have saved $1,500.
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. The next update will be around October 28, 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
Two Month Update - August, 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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