How Much Will I Need To Save For Retirement?Calculator
Most Americans are not saving enough for retirement. Start planning now to ensure you are able to maintain your lifestyle and retire at your desired age.
Enter your current age.
Enter the age at which you wish to retire.
Enter the age you expect to live to.
Enter your current income.
Percentage of Income You Save
Enter the percentage of income you save annually towards retirement.
Wage Growth Percentage
Enter the percentage by which you expect your wages to grow. Typically, 3% - 5%
Current Retirement Savings
Enter the amount you currently have saved for retirement.
Pre-Retirement Rate of Return
Enter the rate of return you expect to achieve on your pre-retirement investments.
Post-Retirement Rate of Return
Enter the rate of return you expect to achieve after retirement on your investments.
Enter the inflation rate you want to use for withdrawal calculations.
Percentage of Income Needed at Retirement
Enter the percentage of your current income you think you will need at retirement.
Other Retirement Income (Yearly)
Enter any other annual income you will receive at retirement besides your savings. For example: pensions, trusts, etc.
Yearly Social Security Income
Enter the annual social security income you will receive your first year of retirement. You can find this information on your yearly social security statement.
Current Retirement Savings
Current retirement savings balance.
Savings at Retirement
Based on the information entered, this is the amount of money you will have saved
during your working years.
Savings Balance at Life Expectancy
This is the balance or debt at your life expectancy age.
Income Needed At Retirement
Income you will need at retirement based on wage growth during your working years.
Other Income At Retirement
Other income you will receive the first year of retirement.
Social Security Income At Retirement
Social Security income you will receive the first year of retirement.
Annual Savings Withdrawal At Retirement
The amount you will be able to withdraw from savings the first year of retirement.
East River Federal Credit Union is a cooperative, owned and operated by its members. This is what distinguishes the Credit Union from other financial institutions. Members deposit their money in a variety of savings accounts, and that money, in turn is lent to members. After operating expenses and reserve requirements are met, loan income is returned to all members in the form of dividends and comprehensive financial services.Po Box 31Madison, SD 57042www.eastriverfcu.com
About.com's "Retirement Planning Center"
offers helpful articles and blogs about the retirement planning process.
U.S Department of Labor's "Taking the Mystery Out of Retirement Planning"
is an online booklet that includes interactive worksheets. Download the fully illustrated
62-page Adobe PDF narrative or call to order copies.
Open an IRA at Your Local Credit Union Because credit unions
are member-owned and member-operated, they pay-it-forward to members in
the form of better interest rates and lower fees (instead of sending profits up
to shareholders, like at a bank.) Find yours at www.CULookup.com.