Retirement Calculator: How Much Do I Need to Retire?

This retirement calculator can help you estimate what your retirement savings will be worth in the future. It will also help you determine how much more you need to save each month to meet your retirement goal.

The calculator does not require you to enter any personal information. 

Like any financial calculator, the output is only as good as the input. So, for a more accurate estimate, gather a few key numbers. First, find your latest Social Security statement of estimated benefits online, or look for the paper copy mailed each year. You also might need to look up statements from a pension (if you have one), 401(k), IRA or other investment accounts.

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Source: Henry "Bud" Hebeler of AnalyzeNow.com (now New Retirement).

Be aware that the calculator does not take taxes on your retirement income into account so your spendable income will be less. The actual results will also depend on how much you contribute to your retirement accounts, how long you live and the returns on your investments.

To better save for retirement, consider all of your options, such as contributing to a 401(k) or IRA, or a 403(b). Different accounts may have different fees that can eat into returns in addition to different tax implications. And you should consider whether you will be required to take minimum distributions once you hit age 72. Roth IRAs don’t have RMDs, but traditional IRAs and other retirement accounts do.

Read More

• The Average 401(k) Balance by Age
• A 10-Year Checklist for Retirement Planning
• Are You Rich?
• Savings Calculator: Check How Much Your Money Will Grow