1000: $1000 per day – a full day of work. 4000: $2000 per day – twice a day. 5000: $3000 per day – three times a day. 6000: $4000 per day.
Achieving this kind of daily rate of return on a savings account might seem like a small amount. Indeed, this is actually a long-term goal for the account. At some point, if interest rates are increasing rapidly, you’ll need that much money each day as part of your retirement portfolio.
It’s important to remember that your rate is still based on one percentage point, and it fluctuates with other factors like your overall financial situation, and your personal risk tolerance, among other things.
But in general, the goal is to achieve the following four rates:
Achieving the top rate is usually quite a challenge, as it’s based on one single number. You’re also going to feel a little bit frustrated by the higher rates you’ll need to pay to reach the first target rate.
It’s helpful to keep in mind that once you reach this top rate, you’ll need to adjust your rates at the bottom of the range, increasing the amount of cash you earn at each stage to compensate for what you’ve already put in.
How to use the calculator
This post was adapted from this article, which was written for the U.S. Money Market Account (SMAA), an account designed for people without retirement savings. It is also adapted from this post, which was written by Charles Schwab for personal accounts with no retirement savings.
Before we start building your rates, you want to know a few things to keep in mind. We’ll talk about each parameter, then you can compare your results. For example here are the values you will want to keep in mind.
To figure out your savings rate, you’ll want to compare the SMAA’s interest rate with the five main bank accounts:
Savings Account with no retirement savings.
Savings Account with a few retirement savings.
Savings Account with a retirement savings that’s too high for a savings account.
Savings Account with just a few retirement savings.
Savings Account with all retirement savings.
Nowadays, you might be saving all your money in a savings account with a few retirement savings, as opposed to an SMAA’s five accounts, all of which are different. In this case, you
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