I calculated my retirement income with several assumptions in mind, as in wouldn’t be very accurate since most of my summer-earned income goes to paying for college. I used my age as 28, which will be when I complete graduate school. I put my estimated yearly income at $100,000. This is fairly average for a physicist post-grad school, if not below average. It all depends on the job, though. I put my future spouse down for $80,000 as post psychology grad school. Once again, the lower end of the average.
To compensate for inflation and a cushy retirement for retiring at age 75 until 90 (wishful thinking I know), I would need to save 4.6% of my yearly income. I extended the retirement age because I’d like to keep teaching into my old age instead of retiring early to give me something to do, as well as ease off the burden of having enough money to retire. The total I would need to save is $5,512,071; which is quite a lot, even with inflation added. Obviously investing heavily at a young age is a good idea.
I'm impressed how well planned out this is. I feel its important to know these things, you have sparked my interest to look into the average salaries for my possible professions, and figure all this math stuff out. Its cool how you can find all this out though, and find out how its best to handle your money. Never the less its daunting to think of the necessity of money saving money so that you have some in old age.
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