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Q: What is my retirement number?

22 Sep, 2020 1012 Retirement Number
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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