Retirement calculator

Tool Overview

Estimate of How Much You Need for retA comprehensive retirement calculator that helps you figure out how much money you might have when you retire. It looks at how much you're saving now and predicts how far that money will go in the future, considering how prices usually go up over time. A comprehensive retirement calculator that helps you figure out how much money you might have when you retire. It looks at how much you're saving now and predicts how far that money will go in the future, considering how prices usually go up over time.

Insights

• First things first, let's figure out how much money you'll need for retirement. To do this, you can use the Women Financial Power retirement calculator

Income and Savings

• Annual Pretax Income: This is your total income before taxes. It includes your salary and any regular income
• Monthly Contribution: This is how much you're putting away for retirement each month. Financial experts often recommend 10-15% of your pretax income.
• Current Retirement Savings: Tell the calculator how much you've already saved in your retirement accounts like 401(k)s and IRAs.
• Monthly Budget in Retirement: Estimate how much you'll need each month to live comfortably when you're retired. You can base this on your current spending habits.
• Inflation: We factor in a 3% annual inflation rate, but you can adjust this to see how it affects your savings.

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Your Retirement Income Goal

• A common guideline is to aim for 70% of your pre-retirement income during retirement. You can achieve this through savings, investments, Social Security, and other income sources.​Remember, expenses may change in retirement. Some costs (like healthcare and travel) may go up, but others (like saving for retirement and paying off loans) may decrease.

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