Here are Barbie’s results:
Barbie will need to make some adjustments to meet her goals
- To replace her income at 75% she will actually need $5,938 per month. If Barbie waits until age 70 years to collect her social security, her monthly benefit will increase to $3,337 ($724.00 more per month).
- She may consider working a couple more years or increasing her 401k contribution (after the age of 50, the maximum is $24,000)
- Barbie used the T.Rowe Price Retirement Calculator to see if she was on track. See if you are on track!
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