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How Much For Retirement Now?

Did you plan well?
And when is your retirement?

People are not always planning well for retirement.

The issue comes up because I didn't plan well in my earlier years, and now I have to retire in a few years (not likely) and at least I am planning for income then.

I am not alone in this. There are others. Who are the others? Well let me just say there are lot's of others.

So to take a small but reasonable chip off of the old block of money think about what you are using now money wise and what you really need?   Let's look at three items alone, just three.

Telephone costs

Did you ever think about the cost of a home phone if you already have cell phone(s) for your self?

If you stop using a home phone now and save about $50 a month = $600.00 a year or $12,000.00 for 20 years.

That is not bad especially when you invest it starting now rather than later. That is one.

Lunch out in a restaurant

If because where you work it becomes more sensible for you to go out to a cheap restaurant at least 5 days a week for lunch, and you spend only $12.00 a day, that adds up to $60.00 a week.

That adds up to $3,120.00 a year, and for 20 years it is $61,400.00.

I particularly like that one as you can bag it for $3.00 a day easily.
That is $1,095.00 a year, and for 20 years it is $21,900.00.
This can save you $39,500.00 over the 20 years.

Money for transportation

If you take a car to travel 30 miles each way to go to work you are spending 60 miles a day on gas alone, and that is equal to $3.50 a gallon by today's prices.

If you get 20 MPG in your mini van, it will cost you (for gas alone) $10.50 a day
If you car pool with the guy just down the road who also works there and pay him $5.00 a day, you are saving $5.50 a day in fuel costs alone. He is saving $5.00 a day, as well. Good deal!

In a year if you car pool all but 4 weeks you will spend $1,200 rather than $2,520 a year.
You will save $26,400.00 in 20 years.  This doesn't include any of the other costs that come with the trips to work like oil, maintenance and tires etc.

Let's look at it again

Adding up all three of these little amounts.

You saved   $12,000.00 on the needless phone.
You saved   $39,500.00 on restaurants.
You saved   $26,400.00 on transportation to work and back.

Grand total  $77,900.00 for the 20 years!

These are small items but easily doable and for only 20 years.

We do not add in increases in prices etc or costs over the years, but if you had done just that for 40 years, you could have paid for a small house... easily.