The total of my future expenses each year are 250,000 dollars. I know this is logical because my primary sources for information are from salary.com and from a cardiothoracic surgeon apprentice that I have contact with. According to ehow.com I can likely count on making $512,000 each year in my future job as a cardiologist. My education/training to get that job could be up to $250,000 total for all years of training. I want to save $15,000 for my rainy day fund each year, and $30,000 for retirement each year. If I save $30,000 for retirement each year, by the time I am 65 years old I will have $880,000 plus interest.Comparing my future income and expenses makes me think that life is much more expensive than I thought. Hopefully I will be able to come up with some good money because from what I see, I am going to probably get into debt at some point in my life.
That's great that you are planning on saving so much for retirement. I did not realize how much was necessary to save for retirement before this assignment, and when I did my assignment I allotted much less money. But I think you are right to think you would need closer to a million dollars if you are going to be surviving on that savings for 20 years or so.
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