5. Test the Rule of 72
The "Rule of 72" is a simplified way to determine how long an investment will take to double, given a fixed annual rate of interest. This can help you quickly calculate whether you are on track to attain your financial goals. For example, if you think your investments will grow by 6% per year, dividing 72 by 6 will give you 12, which is the number of years it will take your initial investment to double. Depending on the number of years you arrive at, you may need to invest more or delay your retirement.
While the "Rule of 72" can help to provide you with some rough calculations, speak to a Citi Priority Personal Banker to better understand your individual retirement options.