After answering a short series of questions, you will receive a detailed retirement analysis that you can use to help evaluate the current level of your retirement savings and decide what changes might be beneficial to your overall retirement planning strategy. Periodic reviews of your retirement savings strategies with your financial professional are important to monitor market changes and address changes in your financial goals.
About Your Inputs
Our Retirement Savings Calculator begins by asking you questions about your current income/savings, pension (if you have one), key assumptions and your Social Security benefits. The longevity of your retirement savings depends on a number of different factors, such as your retirement age, projected retirement expenses, changes in rates of return on your investments and inflation. This calculator asks you to make some assumptions (e.g., pre- and post-retirement investment return rates) to analyze if your current retirement savings may be sufficient to last throughout your entire period of retirement.
You will be asked to provide the following personal information:
- Your current age
- Your current annual income
- Your spouse’s annual income (if applicable)
- Your current retirement savings (total money from your checking, savings and investments)
- Your current annual savings amount
- Percentage of current annual savings increase
You will be asked to make a series of assumptions about your:
- Expected inflation rate
- Desired retirement age and number of years of retirement income
- Percentage of income replacement at retirement (For example, do you want 75% of your current annual income during your retirement?
- Pre- and post-retirement annual returns on your investments
Your total retirement income includes any available pension and Social Security. Our Retirement Savings Calculator asks for your annual pension benefit at retirement and whether it increases with inflation. In addition, you can choose whether or not to include Social Security benefits in your retirement analysis results. The calculator estimates your monthly Social Security benefit given the income and marital status you input. However, you can override this estimated amount by including a different monthly amount in today’s dollars.
About Your Results
Our Retirement Savings Calculator generates a retirement analysis graph that illustrates your potential retirement balance and withdrawals as you age. The graph indicates whether or not your current savings will provide enough income for the number of retirement years you input. If your current savings fall short of your goal, the calculator tells you how much additional money you will need to save on an annual and monthly basis to achieve your retirement objectives.
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