How much do you need to save to earn $70,000 a year in interest for retirement?

While the thought of adequately funding your retirement can be daunting, you’ll be sure to thank yourself later if you start planning now. It might not be as difficult as you think either.

Retirement usually involves replacing your lump sum salary from a job with other sources of income to maintain your current lifestyle. While Social Security can cover a portion of your budget, the rest of your money will most likely have to come from your savings and investments.

CNBC crunched the numbers, and we can tell you how much you need to save now to get $70,000 a year in retirement — without taking a bite out of your principal.

More from The New Road to Retirement:

Here’s a look at more retirement news.

First, there are some ground rules. The figures assume that you retire at 65 and that you currently have no money in savings.

Financial advisors typically recommend that the mix of investments in your portfolio gradually shift to become more conservative as you approach retirement. But even when you retire, you’ll likely still have a mix of stocks and bonds as well as cash. For investment, we assume a conservative 6% annual return as you save, and an even more conservative 3% rate during your “free” retirement.

We also don’t take into account inflation, taxes, or any additional income you may receive from Social Security or your 401(k) plan.

Watch the video above to learn more.

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