To recap: For every 1,000 bucks per month in income in retirement, you need to have $240,000 saved.
This easy-to-follow bit of wisdom can help you remember that you’re saving money so that one day it can replace the income stream you will lose when you stop working.
How much should I be saving a month?
How much should you save every month? Many sources recommend saving 20 percent of your income every month. According to the popular 50/30/20 rule, you should reserve 50 percent of your budget for essentials like rent and food, 30 percent for discretionary spending, and at least 20 percent for savings.
How much should I invest for 1000 a month?
“How much money do I need to invest to get $1000 in return per month?” The risk-free interest rate is about 2.5% right now. That is per year, so to find out what you would need to invest, just divide 0.025 by 12, giving 0.00208333… Then divide 1000 by that, giving $480,000 and change.
Is saving $1000 a month Good Reddit?
$1000 a month is definitely a good place to be at and it’s great that your (post-tax?) savings rate is 50% (if I’m understanding your post correctly). If you get married, even better, save one income live on the other. You are doing very well.
Is saving 500 a month good?
Like always in saving, it’s not the absolute figures that matter, but the relative ones. The golden rule of saving money is that at least 10% of your income should be saved for the future. So, the monthly saving of $500 is good if you earn $5000 per month, awesome if you earn $3000 per month.