Retirement Calculator

Are you currently planning your retirement? If not, you certainly should be, because it’s never too late or too early to be thinking about retirement. No matter how far in the future you may think it is, retirement is on the horizon and you’ll need to prepare for it. The problem is many are unware of how much money they have saved for their retirement or how much they need to put into it. Retirement calculators are a great way to determine the right time to retire, and can even help you better plan for the right investments to make, so that you can get the most out of your retirement money. If you are interested in learning more about retirement calculators, check out these frequently asked questions below.

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Frequently Asked Questions ( 8 )   Add a Question

  1. How old should I be when I retire?
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    The age at which you retire will depend on how much you already have saved up and how much more you need to save for your future. A retirement calculator can help you find the right age for retirement so that you know just how far you have to go.

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  2. Does my marital status affect my retirement age?
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    Marital status can affect your retirement age if your spouse does not have as much to contribute to retirement. In that case, you’ll need to be saving for two people, so you may need to make up for the lack of income on your spouse’s part.

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  3. How much do I need to save per year?
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    How much you’ll need to save per year will depend entirely on what you can save. Always do your best to spend wisely, because you’ll have a more enjoyable retirement if you do. If you need to retire by a certain age but according to the calculator you won’t quite make it, it may be in your interest to save more per year to make up for it.

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  4. How can I make my money last longer?
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    In addition to budgeting during your retirement, you can also do things to make sure you have more money for retirement by making wise investments. You can choose to invest in mutual funds, or make contributions to a 401K plan if your employer offers one. Otherwise you can also put money into an IRA or Roth IRA account. These are all things you can plug into your retirement calculator so you can better plan your retirement.

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  5. How much is enough?
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    To retain your quality of living, it is suggested that you have up to 70 to 90% of your annual income saved for each year of your retirement. So, if you happen to make $100,000 annually, you’ll need to have $70,000 saved up for each year of retirement. A retirement calculator will help you determine how much you need to save up for retirement and subtract how much you already have.

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  6. Should I plan on my social security income being taxed?
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    If you have no other income from investments like mutual funds or IRA withdrawals, then you probably don’t have to worry about your social security income taxed. If you do have other sources of income, it may be taxed. This is something to think about when you use the retirement calculator.

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  7. How long will my money last?
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    As mentioned, ideally you have at least 70% of your income saved for every year of retirement. So, if you can save this much money for each year of your retirement, it should last that long. By budgeting and spending wisely however, you can make it last longer.

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  8. Where can I find retirement calculators?
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    Retirement calculators can easily be found online. One place to find one is on the AARP website, which can help you figure out your retirement money in just four easy steps. Investment companies like Vanguard and Schwab also feature retirement calculators on their website.

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