Wednesday, September 30, 2009

How Much Will Boomers Have to Retire On?

I did a little analysis and keep up with some interesting figures. Let's assume you are a 53 year old boomer today. Based upon the average value of a 401K for this age group, the average net equity in your home, and social security payouts, here's what it looks like:

IF YOU SELL YOUR PRIMARY RESIDENCE:
- And retire at age 62, you'll have $3494/mo to live on
- And retire at 65, you'll have $4,655 to live on
-And retire at 67, you'll have $5852 to live on

IF YOU DON'T SELLL YOUR PRIMARY RESIDENCE:
- And retire at age 62, you'll have $2352/month to live on
- And retire at age 65, you'll have $3109/month to live on
- And retire at age 67, you'll have $3,946/month to live on

Not draconion, particularly in some areas of the country, but definitely eye-opening!!!

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