Financial Planning
1) Meeting current needs: I plan to try and start retirement savings, based on the having the goal to at least 500,000 by the time I retire. I’m currently married with two children and the hopes to have at least one more child. With that being said, if I worked on the smaller goal, I’ll only have to save about $492 every month for the next 20+ years. But from the readings, I found this week the $1 million dollar goal isn’t hard to achieve. If one starts saving for the specified number of years, work very hard, and invest in a few things that goal is attainable at some point.
2) Meeting financial needs 10 years out: Ten years from now I’ll be 41, with my nursing career path I hope to have a nice savings started in “my retirement plan”. I know I’ll have at least twenty more years until I can fully retire; so my hope is to add to my monthly savings so I can get to my retirement earlier or have a bigger retirement saving when I decided to retire in my early 60’s.
3) Meeting financial needs at retirement and beyond: I would love to retire be of 60-63, if not sooner. My plans for me to retire on time or even earlier, consist of myself utilizing the example from my discussion response. In order for me to save $2 million, and to retire in 40 years, assuming an annual return of 12.2%, I must save approx 1,968 per month.