| Six Month Amount by Age To Achieve Savings Equal To 12 Times Salary | ||||||
|---|---|---|---|---|---|---|
| Salary | 20 | 30 | 40 | 50 | 60* | 12% of Salary |
| $20,000 | 272 | 627 | 1,515 | 4,173 | 19,682 | 1,200 |
| $30,000 | 408 | 940 | 2,273 | 6,259 | 29,523 | 1,800 |
| $40,000 | 544 | 1,254 | 3,031 | 8,345 | 39,364 | 2,400 |
| $50,000 | 680 | 1,567 | 3,788 | 10,431 | 49,205 | 3,000 |
| $60,000 | 816 | 1,881 | 4,546 | 12,518 | 59,047 | 3,600 |
| $70,000 | 952 | 2,194 | 5,304 | 14,604 | 68,888 | 4,200 |
| $80,000 | 1,088 | 2,508 | 6,061 | 16,690 | 78,729 | 4.800 |
| $90,000 | 1,224 | 2,821 | 6,819 | 18,776 | 88,570 | 5,400 |
| $100,000 | 1,360 | 3,134 | 7,577 | 20,863 | 98,411 | 6,000 |
| $110,000 | 1,496 | 3,448 | 8,334 | 22,949 | 108,252 | 6,600 |
| $120,000 | 1,632 | 3,761 | 9,092 | 25,035 | 118,093 | 7,200 |
| $130,000 | 1,768 | 4,075 | 9,849 | 27,121 | 127,934 | 7,800 |
| $140,000 | 1,904 | 4,388 | 10,607 | 29,208 | 137,775 | 8,400 |
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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