Estimating how much income you will need in retirement — and determining whether
your current program of savings and investments can provide that income —
is a good start to developing a retirement plan. This calculator is designed to
help you estimate how much income you may need in retirement and the savings necessary
to produce that income.
Examine these results carefully. As you can see, there is a lot of information to consider and the numbers may look large.
The annual income that you will need in your first year of retirement:
$0.00
When you begin retirement, you will need to have the following amount saved:
$0.00
Assuming no additional contributions, your current savings will grow to:
$0.00
Without additional savings, you will have a shortfall of:
$0.00
You will need to save the following percentage of your salary each year:
0%
In the first year, this works out to:
$0.00
The Cost of Procrastination
How much do you need to save each year to provide your desired retirement income?
This graph shows the amount you would have to save each year to work toward your
goal, at the rate of return you entered, if you started saving today, and if you
wait five years to start saving. As you can see, waiting just a few years can have
a substantial impact on the amount you need to save.
The amount accumulated if you started saving today is $0.00.
The amount accumulated if you save the same annual amount at the same annual return,
but wait five years to start is $0.00.
The information provided is not specific investment advice, a guarantee of performance, or a recommendation. Rates of return will vary over time, particularly for long–term investments. Investments offering the potential for higher rates of return also involve a higher degree of risk.
This hypothetical example is used for illustrative purposes only. Actual results will vary.
This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek advice from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
//= 1; ii--) { w = b <= 0 ? 0 : Math.max(x / b); y = w * (Math.pow((1 + (h / 100)), ii)); z = z + y; u = x * d / 100; x = x + u; }; z = z || 0.001; V = (g / 100) * (b * (Math.pow((1 + (d / 100)), (e - a)))); t = ((1 + (i / 100)) / (1 + (d / 100)) - 1); t = t || 0.001; S = V * ((1 - Math.pow((1 + ((1 + (i / 100)) / (1 + (d / 100)) - 1)), -f)) / t); R = c * (Math.pow((1 + (h / 100)), (e - a))); Q = Math.max(0, S - R); p = Math.max(0, (Q / z) / b); O = Q / z; z = z || 0.00001; x = b; j = c; k = c; l = a; m = c; n = c; for (jj = 1; jj <= e - a; jj++) { j = (j * (1 + (h / 100))) + (x * p); k = jj = e) { alert('Your current age must be less than your expected retirement age.'); this.valid = false; }
var _r1 = $Gid('d').value;
if (_r1 12) { alert('annual raise must be between 0% and 12%'); $Gid('d').focus(); this.valid = false; }
var _r2 = $Gid('h').value;
if (_r2 10) { alert('invalid rate entered'); $Gid('h').focus(); this.valid = false; }
var _r3 = $Gid('i').value;
if (_r3 10) { alert('invalid rate entered'); $Gid('i').focus(); this.valid = false; }
return this.valid;
};
var Questions = [
new Question('What is your current age?', null, 'a', null, null, null, null, 1, {defaultvalue: 30, slidervalues:[20, 30, 40, 50, 60, 70, 80]}),
new Question('What is your household\'s current annual income?', null, 'b', null, null, null, null, 1, {defaultvalue: 60000, slidervalues:[0,100000,200000,300000,400000,500000]}),
new Question('How much do you currently have set aside for retirement?', null, 'c', null, null, null, null, 2, {defaultvalue: 10000, slidervalues:[0,100000,200000,300000,400000,500000]}),
new Question('What percentage annual raises do you expect? (0% to 12%)', null, 'd', null, null, null, null, 2, {defaultvalue: 4, slidervalues:[0,2,4,6,8,10,12]}),
new Question('At what age do you expect to retire?', null, 'e', null, null, null, null, 3, {defaultvalue: 67, slidervalues:[35,45,55,65,75,85]}),
new Question('How many years do you expect to spend in retirement?', null, 'f', null, null, null, null, 3, {defaultvalue: 20, slidervalues:[0,10,20,30,40]}),
new Question('What percentage of your pre-retirement income do you expect to need during retirement?', null, 'g', null, null, null, null, 4, {defaultvalue: 75, slidervalues:[0,25,50,75,100]}),
new Question('What after-tax return do you expect on your investments between now and retirement? (0% to 10%)', null, 'h', null, null, null, null, 4, {defaultvalue: 6, slidervalues:[0,2,4,6,8,10]}),
new Question('What after-tax return do you expect on your investments during retirement? (0% to 10%)', null, 'i', null, null, null, null, 4, {defaultvalue: 4, slidervalues:[0,2,4,6,8,10]})
];
var Answers = ['$V', '$S', '$R', '$Q', '%P', '$O', '$J', '$K'];
var ChartTitle = '';
var ChartLabels = ['Age', 'Start Now', 'Wait 5 Years'];
var ChartData = ['L', 'M', 'N'];
hAxisTitle = 'Age';
vAxisFormat = '$##,###';
initCalc();
var dd = new Date();
$Gid('this_year').innerHTML = dd.getFullYear();
//]]>
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