Live Off Of Savings Calculator
- DommiesBlessed
- Dec 9, 2024
- 1 min read
Updated: Jul 9
You can use your savings for supplemental income.
Who lives off of their savings?
Stay-at-home moms, mompreneurs, and relocating families may choose to live off of their savings to pursue lifestyles that coincide with their core values.
How is living off of savings different from retirement?
Unlike late-age retirement, these individuals can still be in their 20s or 30s, and may not have prepared for this new (but intentional) life choice. This means they may want supplemental income for expenses such as mortgages, student loans, groceries, and other needs related to sustaining a growing family.
How can a savings calculator help?
The above calculator can help families figure out the amount they may want to keep in their savings so that they can live off of the interest it generates. It can also give them a savings goal, so that they can regularly contribute to accounts to reach them.
How long do families live off of their savings?
Families can choose to live off of their savings for months or years. For example, after their baby is born, until their children reach a certain age, or before their business takes off.
How to choose the best savings account for this lifestyle?
Look for a high-yield savings account -- they earn soooo much more! Rates for these accounts do change more frequently (multiple times a year), but generally speaking they pay more than a regular savings account.
