Who Wants 1 Million Dollars:
Troy Sharpe: How much do you have to save and for how long to reach a million dollars? Maybe 2 million or 3 million is your goal. I’m going to show you how to use our calculator on the website so you can do this calculation yourself.
I’m Troy Sharpe, CEO of Oak Harvest Financial Group and a certified financial planner professional. On the website, Oakharvestfg.com, we have a knowledge center that has some calculators, and in this video, I’m going to show you how the retirement savings calculator works.
Now, whether your goal is to get to 1 million or 2 million, I want to stress that that number is nothing more than than a target. What really matters once you get to that number is how much can I pull out? Where do I take that income from? How do I pay less tax?
All the questions we answer with retirement planning. But a very simple calculator here to help you get an idea based on your current age when you want to retire, maybe you want to retire at 55 or 65 or 62 in this example, how much you have, the interest rate, and your target savings goal at retirement.
Let’s say you are 40 years old and you want to retire at 60 and you currently have $200,000 safe for retirement, and you’re a pretty aggressive investor. You want to look at 7%. We don’t want to be too aggressive here because we want to plan for the worst and hope for the best. Let’s say we actually want to get to 1.5 million. Okay?
We come down here, we hit calculate. We need to save $1,100 a month. We will have in total, put in 479,000, and we will have earned over a million dollars in interest. That’s a 20-year period, 40 to 60, earning 7% on average, starting with 200,000 in getting to 1.5 million. You only need to save about a $1,000 a month.
Use the calculator, and put your own information in there. It’s all confidential. We don’t have access to this. It’s simply to help you plan for your retirement. If you have questions and you need help, feel free to reach out to us, but make use of the calculator.
We even have charts and everything down here that you can print out. We put these calculators on the website so as always, we can help you stay more connected to your money.