How We Help Calculate Your Future
Our Retirement Checkup Calculator is a useful tool to help you evaluate when you might be able to retire, how much money you may need to retire and how long your retirement savings may last. This calculator uses your answers to a short series of questions to determine your Retirement Checkup Score (a number between 0 and 10), which can help you assess the effectiveness of your current retirement savings plan and decide if you need to make any adjustments.
Our Calculator Assumptions
Various personal and financial factors can affect the longevity of your retirement savings, including your retirement age, the variability of your expenses in retirement, fluctuations in annual rates of return on your investments and future rates of inflation. While it’s impossible to predict what each of these will be in the future, it can be helpful to make some assumptions to project the possible longevity of your retirement savings. Keep in mind that this calculator does not address the effect of inflation on your retirement savings.
A few built-in assumptions are used to calculate your Retirement Checkup Score. Our Retirement Checkup Calculator assumes you will:
- Retire at age 65
- Live to age 95
- Enjoy 30 years of retirement
- Earn a fixed annual rate of return of 2.0% on your retirement assets — may include: 401(k), IRA, 403(b), etc.
Your Financial Data
Your Retirement Checkup Score is based on the following personal information you provide:
- Your current retirement savings (total money from your checking, savings and investments)
- The amount you plan to save each month going forward
- Remaining years between now and your retirement age of 65
Impact of Social Security Benefits
Your total retirement income includes Social Security, so our Retirement Checkup Calculator takes that into account. Your score includes your Social Security income, assuming a single monthly benefit amount based on the household salary you provide.