Saving for retirement can be complicated if you don’t know how much you actually need to save. Use our retirement calculator to figure out how much you’ll actually need to have stored away in your nest egg to support your lifestyle.
Include how much retirement income you’d want per withdrawal, the rate of return you think your money will grow at when you start collecting retirement, how long you expect to live off your retirement fund and how many times you’d like to make a withdrawal per year.
- Desired Retirement Income: The amount you’d like to have per withdrawal from your retirement fund.
- Expected Rate of Return: Put in the rate of return you expect your retirement fund to earn while you are retired.
- Retirement Period: This is how many years you expect to live off your retirement for.
- Withdrawals Per Year: The number of withdrawals you will make each year you are retired.
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Now that you know how much you need to save up for retirement, it’s time to learn how to plan for your financial goals correctly. Adjust your lifestyle to either help you reach your desired retirement fund amount or to fit in what you can afford at your current pace of retirement savings.
For many people, having a specific or a general ballpark number of where they’d like their retirement fund to be at when they stop working is vital to helping them achieve a comfortable retirement. In fact, having an amount in mind can give you peace of mind if you’re on track, or encourage you to get back on it if you’re not.
It doesn’t necessarily matter if you’re saving in a work sponsored pension plan, a 401(k) account, IRA or just an individual investment fund. The most important part of saving for retirement is doing it and sticking to it. So, how much would you need for a comfortable retirement?