Posted by ks55 > 2018-11-26 16:28 | Report Abuse

When are you getting 1m nestegg?
Today?
Or in 10 years time?
In planning for retirement, time is an essence.

Say now you are at 25 yo.
You want to have 1 million at 55 yo, meaning in 30 years.

Can you figure out how much is your 1 million in next 30 years worth right now?
Merely talking nonsense...........

Posted by ks55 > 2018-11-26 16:36 | Report Abuse

Understand what is today's money.
Understand what is future money.

To retire comfortably, you need 96 to 120 months' last drawn salary.
Not 1 million or 10 million.If you are drawing 10k right now, and plan to retire tomorrow, you should have 960k to 1.2 million now.

If you are drawing 100k in 30 years' time, you should have 9.6 million to 12 million in your retirement fund.

If you have 1.0 million when you retire in next 30 years, you are hardcore poor retiree.

Any expert not agree with my statement above, you are invited to state your view......

Posted by ks55 > 2018-11-26 16:46 | Report Abuse

If you earn 3k right now, you should be earning 6k in first 10 years, 12k in next 20 years, and 24k at the end of 30 years. Taking into consideration your salary will increase at 8% every year (just a mediocre performer) including salary adjustment and promotion.

So in 30 years, you should have 2.3 million to 2.9 million to live with 60% to 70% replacement income.