This is a great question because everyone deserves to retire and work only if they choose to work. Most people spend over 40 years of their life in the work force although some retire in 20 to 30 years. No one really wants to be glued to a computer either. So, the best time to start preparing for your 'exit strategy' is now.
To do this, you need to crunch some numbers. What is the cost of your current standard of living? If it is say $30,000, then you will need about $600,000 for your retirement years considering that it is expected that you live another 20 years after you retire. If you retire sooner, or live longer then it could be as much as $1.2 million dollars. This of course if you are healthy! If you are like most people as they age then you are going to need even more for health care. Of course, $1.2 million dollars today will be about 10% less in the future due to inflation. However, if you convert some of your nestegg into gold then it will retain it's store of value.
Now you need to build your SFI income to supplement your income first and then continue until you are making the kind of money that you would like to make. Using the earnings calculator, you will find the following information:
$9,102.54 per month after 24 months ($109,230.48/yr) producing 6 EAs a month for 2 years.
Now that is just 6 EAs every month for 2yrs. At the least that's 144 EAs in your throughout your network. Now this is just for illustration. Your actual income could be more or less depending on duplication!
Now you have the idea so all you have to do is to get to work sponsoring PSAs and supporting them so you can reach your retire goals a lot sooner than you ever thought possible.
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This is a great question because everyone deserves to retire and work only if they choose to work. Most people spend over 40 years of their life in the work force although some retire in 20 to 30 years. No one really wants to be glued to a computer either. So, the best time to start preparing for your 'exit strategy' is now.
To do this, you need to crunch some numbers. What is the cost of your current standard of living? If it is say $30,000, then you will need about $600,000
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