How to Calculate Your Retirement Number

Do you really to know your retirement number?

Twenty-eight percent of LGBTQ+ folks don’t know if they’re on track to retire. Let’s fix this! On this week’s show we share multiple ways to calculate your retirement number. Start your journey to financial independence by getting rid of any credit card debt with the free, 7-Step Credit Card Debt Slasher.

Why your retirement number matters

28% of LGBTQ plus folks don’t know if they’re on track to retire. Think of the stress! Think of the anxiety! Think of the confusion!

If you’re part of that 28%, don’t be intimidated. There are several quick and easy ways to find your retirement number—and start saving toward the retirement you want and deserve.

On this episode of Queer Money, we share five simple formulas for calculating your retirement number, explaining how to do the math whether you want to live modestly, maintain your current lifestyle or have a bigger, better life in retirement. We walk you through examples of the Fidelity Savings to Income Ratio, the Income Multiplier and the 25X Rule for determining your retirement number and weigh in on why the popular 4% Rule was recently updated to 4.4%.

Listen in for insight on using the Spending Multiplier to identify your retirement savings goal and learn where to find our favorite online retirement calculator!

Listen for the 5 ways to calculate your retirement number:

Topics Covered

5 simple formulas for calculating your retirement number
What percentage of the LGBTQ community doesn’t know if they’re on track to retire
Calculating the Fidelity Savings to Income Ratio whether you want to live modestly, maintain your current lifestyle or have a bigger life in retirement
How much you need to save enough to live on 70% to 85% of your pre-retirement income
Using the Spending Multiplier or 25X Rule to calculate your retirement number
The popularity of the 4% Rule (and why it was recently updated to 4.4%)
Where to find our 4 favorite online retirement calculators

Previous 3 Podcast Episodes

Resources

Connect with David and John

We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.