1million? 2 or 3?
Simple how much do you think is enough for ur every month expenses
after your retirement? $2000? or $5000? Lets take min $2000
1 yr = $24000
till you expire (let say you retire at 55 and expire at 80) 24 yrs=
$600000
Wah you must say its more than enough if you had 3 million. but
that figure is only for 1 adult. in MOST family you have 2 dads 2
mums 1 wife or husband.
Total retirement fund: 6 adults= 3,600,000
Now you will say argh just short of 600k but we havent add in your
kids' sch feee education, life fund, medical, food, etc.
Now do you really think 3 million is enough?
with banking rates at 0.25 per annual. how much u need to save
until u get 3million. = 3,000,000 x 1.25 = 3,750,000
divide that with the no of years u start. (lets say u start at 25)
55-25= 30 yrs
3.75million / 30yrs= 125000 per yr= 10,417 per month.
