Baby Step 4

Updated: Feb 14

Today we talk about baby step 4—saving 15% of your income into retirement savings. For those that work in secular endeavors, it would be a 401k. For those who work for the church, it would be our 403b for the most part. Listen, this is the only way to retire comfortably in America. You have to be involved in the market. Therefore, today's post on baby step 4 will be at least two posts, if not more. (My apologies to those outside of the USA but I am sure it works the same in other countries too.)

For this example I am using the following assumptions. A 25 year old who is debt free, saving $433 dollars a month for 40 years until the age of 65, starting with 0 in retirement savings. His money in the market is earning 12% interest compounded annually. If he does this, this individual will be able to retire on about 8k a month in income, if not more, depending on how much they choose to withdraw annually.

For those of us who don't have forty years to save. Find how many years you have left and see how much you should already have in retirement in addition to saving $433 a month. At the bottom of this post there is a link to a compound interest calculator you can use that to calculate how much you need to be saving a month to get to around 4 million in retirement. Use 12% as the assumed interest. In the next post I will show you how you can achieve 12%.

Regardless of where you are, whether you are on pace to retire or not don't give up. It is never too late. You can do it.

Baby Step 4 continued

Compound interest calculator

If you have questions don’t hesitate to ask here. Take charge of your money!

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Gio Marin


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