I came across this “ING Your Number” marketing ploy the other day and thought it was perfect for a light Friday post :) Although “ploy” probably isn’t the best term to use here, more like marketing genius! Create a fun financial game for us nerds, and then have everyone blog about it! Haha… it’s a good thing we love you ING.
But yeah, after giving it a spin myself, it looks like my “number” (Retirement Number, that is) is $2 million $652,000+. That’s a LOT! But then again, my end goals are probably a bit more extreme than the average American out there (as you’ll see below).
Here are the questions they ask you, along with the answers I gave. Feel free to fudge the ones you don’t know and just do your best. Some of them were harder than you’d expect!
What’s Your Retirement Number?
- How old are you? 30
- Are you married? Yes
- What’s your current household income? $100,000ish. This fluctuates on the Mrs. side projects @ Grad school, along with all my side hustles.
- At what age do you plan to retire? 40 :) Although the better question to ask is, “At what age would you LIKE to retire, even though you’ll continue working on stuff you love anyways?” I personally want to be as close to financially free at 40 as possible. Which means no worrying about money, and lots and lots of meaningful work! Or travel, or whatever my old heart desires.
- How much annual income will you need during retirement? Yeah, noooo idea. I put down $60,000 but it’s really a shot in the dark. I’d have to run the numbers and really think about this one a bit, but it sure ain’t happening right now. I’m way to relaxed on this Friday to work that out ;)
- Provide income through what age? Again, no idea! And really it’s kinda freaky if you ask me, haha… I had 80 down there but then realized it would mean I would die at 81, so I changed it to 99 :) I feel like I’d be happy going right before the big 100, wouldn’t you?
And then wha-bang! Out comes your “ING Number.” Obviously it’s not a perfect science (esp with those last 2 zingers), but it does give you an idea of the things to think about when you’re planning ahead like that. The age you retire at and the length you live are very VERY important! Same with your lifestyle at the time and a billion other things especially like your health. But this is supposed to be quick & fun so I’m sure a lot of them were left out on purpose.
The message at the top summed all this up perfectly: “The earlier you start thinking about your future, the easier it will be to reach your number and enjoy retirement.” YES!!
And now it’s your turn :) Spend the minute and a half filling the answers out yourself, and then come back and drop your number in the comments. No signing up for this or that or anything, just use ’em and lose ’em and then come back to big poppa ;)
PS: My Money Blog’s number is $2,048,822.00
PPS: Consumerism Commentary’s is somewhere around $3,000,000
PPPS: And I think I have some ING Referrals left if anyone wants one. It gets you either $10 or $20 for free just for opening up an account, I can’t remember the exact details but just email me if you’re interested and we’ll make it happen. j (at) budgets are sexy (dot) com.
PS: Some of my favorite tools:
|Personal Capital (FREE) -- If you’re looking for a robust financial tracker, Personal Capital is the way to go! They’re like Mint, but on steroids and have much better tools for investment and net worth tracking. // Full review|
|Digit (FREE) -- A super easy (and automated) way to save. Every day Digit analyzes your income and expenses and will push money aside for you any time it sees extra sitting there. I've saved over $4,000 myself using them so far! // Full review|
|Acorns -- Having trouble finding money to invest? Check out Acorns – they round up all your transactions to the nearest $1.00 and drops the difference into an investment portfolio for you. Easy way to start investing! // Full review|