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Do you know what it will take to create a secure retirement? Use this calculator to help you create your retirement plan. View your retirement savings balance and your withdrawals for each year until the end of your retirement.
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Definitions
- Current age
- Your current age.
- Age of retirement
- Age you wish to retire. This calculator assumes that the year you retire, you do not make any contributions to your retirement savings. So if you retire at age 65, your last contribution happened when you were actually 64. This calculator also assumes that you make your entire contribution at the end of each year.
- Gross annual income
- Your total household income. If you are married, this should include your spouse's income.
- Current retirement savings
- Total amount that you currently have saved toward your retirement. Include all sources of retirement savings except for your pension income.
- Rate of return before retirement
- The annual percent you expect to earn on your investments before you retire. The actual rate of return is largely dependent on the type of investments you select. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that funds and/or investment companies may charge.
- Rate of return during retirement
- The annual percent you expect to earn on your investments after you retire. If you plan on withdrawing your money within five years, you may wish to choose a more conservative rate of return. The actual rate of return is largely dependent on the type of investments you select. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that funds and/or investment companies may charge.
- Percent of income to contribute
- The percentage of your annual income you will save for your retirement goals.
- Expected salary increase
- Annual percent increase you expect in your household income.
- Years until retirement
- Number of years before retirement.
- Years of retirement income
- Total number of years you expect to use your retirement income.
- Percent of income at retirement
- The percent of your working year's household income you think you will need to have in retirement. This amount is based on your income earned during the last year you will work. You can change this amount to be as low as 0% and as high as 150%.
- Monthly Company Pension and other income
- This is your current monthly figure as provided by your employer on your pension statement, plus any other monthly income you might expect in retirement.
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