• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Home
  • Build Wealth
  • Hold Wealth
  • Plan For Retirement

Wealth And Finance

Finance News

Best Retirement Calculator 2020 | Retirement Living

by RT

Are you preparing to enjoy your golden years with a secure retirement plan? Our retirement calculator can help you gauge the trajectory of your retirement plan.

Retirement Calculator

Powered by

  • Current Age
  • Retirement AgeTypically age 62-66
  • Current Salary
  • Current Balance
  • Annual Contributions
  • Anticipated GrowthTypically 5-7%

You will need about $1.73M to retire at 67.21% have less than $5K saved for retirement

Are you prepared for retirement? Our retirement calculator can help you see how you are doing.

How Our Retirement Calculator Works

Our retirement calculator predicts how much you need to retire based on your current salary and investment dollars and divides it by your post-retirement years. Our calculator makes the following assumptions:

  • 2% annual salary increase (pre-retirement)
  • Cost-of-living is 70% of your annual pre-retirement salary
  • 3% annual inflation (post-retirement)
  • An average life expectancy of age 92

This calculator does not take into account any spousal benefits, social security, or other expected income. If you are planning a significant portion of your retirement on social security benefits, we have detailed the social security formula to help you find out how much social security you will receive.

using a calculator to plan retirement

Retirement Calculator Definitions

Current Age

Your current age.

Retirement Age

This is the age you plan to retire. Depending on your birth year, your full retirement age will be from 65 to 67.  If you are looking to retire in conjunction with social security benefits, the Social Security Administration explains that age 62 is the earliest you can collect social security retirement benefits.

Current Salary

Your annual wages before taxes.

Current Balance

The total amount that you currently have saved toward your retirement. This should include any IRAs, or annuities.

Annual Contributions

This is the percentage of your annual salary that you contribute towards retirement. You should include any accumulative contributions to retirement accounts such as 401(k) or 403(b) and include employer matching.

Anticipated Growth

This is the annual, after-tax investment return you expect from your retirement savings.

Results

You Will Need

Our easy retirement calculator uses the 70 percent rule of retirement which assumes that you will need about 70 percent of your average income during your working years for as long as you live post-retirement. This is factored with a life expectancy of age 92 based on recent projections and a 3% annual inflation based on the past 40 years of the U.S. Consumer Price Index (CPI).

You Will Have

This considers the figures you offered for salary, contributions, and growth from your current age until retirement age.

Source

Primary Sidebar

Popular Post

  • 101 Clever Catchy Financial Planner Slogans
  • CoinStar Vending Franchise – Generate Income Counting Cash
  • HSA – The Ultimate Retirement Account
  • A Simple Strategy to Winning the Fantasy 5 Lottery
  • Why Saving 10% Won’t Get You Through Retirement

Recent Posts

  • NFL Pension Plan, Retirement Plan, and Retirement Pay Details
  • PERS 2 retirement plan – Benefits
  • Application for canadian pension plan retirement pension
  • Retirement Benefits
  • How To Generate Income Online Via YouTube
  • Privacy Policy
  • About Us

Footer

WEALTH AND FINANCE IS A PARTICIPANT IN THE AMAZON SERVICES LLC ASSOCIATES PROGRAM, AN AFFILIATE ADVERTISING PROGRAM DESIGNED TO PROVIDE A MEANS FOR SITES TO EARN ADVERTISING FEES BY ADVERTISING AND LINKING TO AMAZON.COM. WE ALSO PARTICIPATE IN AFFILIATE PROGRAMS WITH, CLCJ, SHAREASALE, AND OTHER SITES. WE ARE COMPENSATED FOR REFERRING TRAFFIC.

Copyright © 2022 · Design By George Digital