Here is a “fun fact” in the form of a question to ponder over the Labor Day holiday weekend: How much do you think you will need to have saved to pay your cable bill over the course of your retirement? (Answer is below*)
First, some context. I do get questions like this one often from my smarter clients who are truly goal-oriented and who realize how breaking down various retirement (or other) goals into bite-sized pieces makes the whole “affording retirement thing” much easier. Questions like:
- How much should we be saving monthly in order to retire or slow down someday?
- What kind of annual income can we expect from our portfolio someday?
- How much will we need to have saved to afford future healthcare costs? (You can substitute other costs such as cable, vacations, kids’ costs, etc.)