| Please
review the retirement savings plans listed below. Decide which
plan is best for you, return to your worksheet, and write your
total monthly cost in the space provided on your worksheet under
question seven. You should set aside a little extra cash for emergencies
which is included in the total monthly cost as listed below. If
you would like to figure your own retirement savings plan using
a retirement savings calculator, click on the following link:
http://www.bankrate.com/brm/cgi-bin/savings.asp. |
| 1. |
$125.00
per month Total Monthly Cost |
| |
| Retirement
Savings Plan
Initial
Amount or beginning Savings: $0
Monthly
Deposit: $100.00
Annual Interest Compounded Monthly: 3.5
Number of Years: 40
Final Savings Balance after 40 years: $104,466.69 |
Monthly
Retirement Savings Deposit:
Emergency Cash Fund:
Total Monthly Cost:
|
+
=
|
$100.00
$25.00
$125.00
|
|
|
| 2. |
$125.00
per month Total Monthly Cost |
| |
| Retirement
Savings Plan
Initial
Amount or beginning Savings: $0
Monthly
Deposit: $100.00
Annual Interest Compounded Monthly: 4.5
Number of Years: 40
Final Savings Balance after 40 years: $134,115.07 |
Monthly
Retirement Savings Deposit:
Emergency Cash Fund:
Total Monthly Cost:
|
+
=
|
$100.00
$25.00
$125.00
|
|
|
| 3. |
$225.00
per month Total Monthly Cost |
| |
| Retirement
Savings Plan
Initial
Amount or beginning Savings: $0
Monthly
Deposit: $200.00
Annual Interest Compounded Monthly: 3.5
Number of Years: 40
Final Savings Balance after 40 years: $208,933.38 |
Monthly
Retirement Savings Deposit:
Emergency Cash Fund:
Total Monthly Cost:
|
+
=
|
$200.00
$25.00
$225.00
|
|
| 4. |
$225.00
per month Total Monthly Cost |
| |
| Retirement
Savings Plan
Initial
Amount or beginning Savings: $0
Monthly
Deposit: $200.00
Annual Interest Compounded Monthly: 4.5
Number of Years: 40
Final Savings Balance after 40 years: $268,230.14 |
Monthly
Retirement Savings Deposit:
Emergency Cash Fund:
Total Monthly Cost:
|
+
=
|
$200.00
$25.00
$225.00
|
|
|
| 5. |
$525.00
per month Total Monthly Cost |
| |
| Retirement
Savings Plan
Initial
Amount or beginning Savings: $0
Monthly
Deposit: $500.00
Annual Interest Compounded Monthly: 3.5
Number of Years: 40
Final Savings Balance after 40 years: $522,333.44 |
Monthly
Retirement Savings Deposit:
Emergency Cash Fund:
Total Monthly Cost:
|
+
=
|
$500.00
$25.00
$525.00
|
|
|
| 6. |
$525.00
per month Total Monthly Cost |
| |
| Retirement
Savings Plan
Initial
Amount or beginning Savings: $0
Monthly
Deposit: $500.00
Annual Interest Compounded Monthly: 4.5
Number of Years: 40
Final Savings Balance after 40 years: $670.575.34 |
Monthly
Retirement Savings Deposit:
Emergency Cash Fund:
Total Monthly Cost:
|
+
=
|
$500.00
$25.00
$525.00
|
|
|
| 7. |
$1,025.00
per month Total Monthly Cost |
| |
| Retirement
Savings Plan
Initial
Amount or beginning Savings: $0
Monthly
Deposit: $1,000.00
Annual Interest Compounded Monthly: 3.5
Number of Years: 40
Final Savings Balance after 40 years: $1,044,666.88 |
Monthly
Retirement Savings Deposit:
Emergency Cash Fund:
Total Monthly Cost:
|
+
=
|
$1,000.00
$25.00
$1,025.00
|
|
| 8. |
$1,025.00
per month Total Monthly Cost |
| |
| Retirement
Savings Plan
Initial
Amount or beginning Savings: $0
Monthly
Deposit: $1,000.00
Annual Interest Compounded Monthly:
4.5
Number of Years: 40
Final Savings Balance after 40 years:
$1,341,150.68 |
Monthly
Retirement Savings Deposit:
Emergency Cash Fund:
Total Monthly Cost:
|
+
=
|
$1,000.00
$25.00
$1,025.00
|
|
|
|
|
|
Copyright
© 2008, Steve Beutler, All rights reserved. Permission
granted to use for educational purposes. This website is NOT
to be used for financial gain.
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