Q: What is my retirement number?
A: Your retirement number is how much you need to invest monthly to enjoy a comfortable retirement. This depends on how much you would like to have at retirement and how many years you have until retirement.
To calculate your Retirement number, you can use the Retirement Number Calculator available at www.databankgroup.com. Below is an estimation of certain retirement numbers based on age and assuming you want to have GHC 1 million in your account at retirement.
Age |
Retirement Number |
20 |
GHC 43 |
25 |
GHC 89 |
30 |
GHC 180 |
35 |
GHC 367 |
40 |
GHC 762 |
45 |
GHC 1,641 |
50 |
GHC 3,864 |
These are projections and calculations assumed an annual average return rate of 15%. You can arrive at your own number by using the Calculator here.