Unlock your path to savings with our user-friendly Retirement calculator. This tool offers practical strategies and tips to help you optimize your finances and reach your savings goal efficiently. Secure your financial future today!
Your total savings at retirement Age of 65.
What you'll have
What you'll need
After tax total at Retirement
Key Takeaways
To maintain your desired lifestyle in retirement - From age 65 through 0, you will need total savings of $0 at age 65.
$0
Your current savings plan, including Social Security benefits and pension will provide the equivalent of $0 a year in retirement income. We project you will have $0 to maintain your desired lifestyle in retirement.
$0
We estimate your combined Social Security benefits will be $0 a year from age 65 to 0.
$0
The Retirement Calculator is a comprehensive tool designed to help individuals and couples plan for their retirement by considering various income sources and financial factors. Below is a description of each field within the calculator, tailored for a married couple where both partners have pensions and Social Security benefits:
Current Age: Enter your current age in years.
Retirement Age: Specify the age at which you plan to retire.
Spouse's Current Age: Enter your spouse's current age in years.
Spouse's Retirement Age: Specify the age at which your spouse plans to retire.
Annual Household Income: Input your combined annual household income before taxes.
Current Retirement Savings: Enter the total amount you and your spouse have already saved for retirement.
Monthly Contribution to Retirement Savings: Specify the combined amount you and your spouse contribute to retirement savings each month.
Expected Annual Rate of Return: Estimate the annual percentage rate at which you expect your retirement investments to grow.
Desired Annual Retirement Income: Indicate the amount of annual income you wish to have during retirement.
Years of Retirement Income Needed: Estimate the number of years you expect to need retirement income, often based on life expectancy.
Annual Pension Income (You): Enter the annual amount you expect to receive from your pension during retirement.
Annual Pension Income (Spouse): Enter the annual amount your spouse expects to receive from their pension during retirement.
Social Security Benefits (You): Input the estimated monthly Social Security benefit you anticipate receiving upon retirement.
Social Security Benefits (Spouse): Input the estimated monthly Social Security benefit your spouse anticipates receiving upon retirement.
Inflation Rate: Enter the expected average annual inflation rate to account for the decreasing purchasing power of money over time.
Retirement Tax Rate: Estimate the effective tax rate you expect to apply to your income during retirement.
By accurately completing these fields, the calculator can provide a detailed projection of your retirement financial situation, helping you and your spouse make informed decisions to achieve your retirement goals.