How Much Will I Need To Save For Retirement
How Much Will I Need To Save For Retirement
Retirement can be the saddest or happiest day of your life. This pre-retirement calculator will help you determine how well you have prepared and what you can do to improve your retirement outlook. It is important that you re-evaluate your preparedness on an ongoing basis. Changes in economic climate, inflation, achievable returns, and in your personal situation will impact your plan.
Retirement Information and Assumptions Input
Your current age 35
Current annual income 100000
Spouse's annual income (if applicable) 0
Current retirement savings 5000
Expected inflation: (%) 3%
Desired retirement age 55
Number of years of retirement income 20
Income replacement at retirement: (%) 75%
Pre-retirement investment return: (%) 8%
Post-retirement investment return: (%) 8%
Include social security benefits? No
Marital status Married
To provide the inflation-adjusted retirement income you desire, you will need to save 28.7% of your yearly income (less any employer match, if applicable). This year, for example, the amount would be $28,654 or $2,388 a month.If you wait just one year to start saving for retirement you will need to save 31.9% of your annual income, which amounts to $31,927 in the first year. Save Now and Save Less!!!
This calculator is provided by Financial Calculators, Inc., and is intended solely for general information and educational purposes. You should not take any action on the basis of the information provided through this calculator.
Copyright © 2009 Yahoo! Inc.
Votes:25
Comments: 0