Our exclusive Retirement Savings Calculator will help you estimate the future value of your retirement savings and determine how much more you need to save each month to reach your retirement goal. Actual results will depend on how much you contribute to your retirement accounts, the rate-of-return on your investments, and how long you live. (The calculator does not take taxes on your retirement income into account so your actual spendable income will be less.)
Source: Henry “Bud” Hebeler of AnalyzeNow.com
1. How Much Income Will You Need In Retirement?
Assumes both spouses retire at the same time
80% is a good ballpark estimate—more if you expect to pay for your own health insurance in retirement
2. How Much Retirement Income Will You Receive from Social Security and Pensions?
Consult the annual statement available from the Social Security Administration or calculate your benefit at www.ssa.gov in today’s dollars.
Ask your benefits department for an estimate in today’s dollars.
Most government pensions do; most private pensions do not.)
3. How Much Retirement Savings Have You Already Accumulated?
(6% = Conservative; 10% = Aggressive)
4. How Much Will You Draw From Home Equity?
If you plan to sell your home in retirement and move elsewhere, answer the following questions. If not, skip to Step 5.
5. How Big of a Nest Egg Do You Need?
Assume you will live until at least 90.
(35% = Conservative; 65% = Aggressive)
Include any other significant assets you expect to have at retirement such as an inheritance or the sale of a business.
Source: Kiplinger
Retirement Savings Calculator
