This calculator will
use the information you provide to assess your retirement needs. If
the program determines that you need to save more for retirement it
will calculate a per paycheck savings amount for you. Please enter information
below: (Please enter whole numbers for all fields
except for inflation and rate of return.)
What is your current age?
At what age do you want to
retire?
What is your current annual
salary?
What % of your final salary do
you need to retire? (experts suggest 80%)
How much money do you have
saved for retirement?
How much is your pension benefit? This amount is
usually expressed as a monthly amount or a % of your final salary.
Monthly Pension Amount
Percentage of Final Salary
Do you contribute to Social
Security?
No
Yes, Start SS at Age 62
Yes, Start SS at Age 63
Yes, Start SS at Age 64
Yes, Start SS at Age 65
Yes, Start SS at Age 67
When do you receive your
paycheck?
Weekly
BiWeekly
Twice a Month
Monthly
What is the inflation rate?
(usually 3.5% or 4 %)
What investment rate of return
do you expect?
Your results:
Years until retirement
Projected salary at retirement
Annual income needed for each
year during retirement
Approximate annual income at
retirement from Social Security according to your Social Security
starting choice above
Annual retirement income from
your pension
Annual retirement income from
current savings
Total annual retirement income
amount from sources before receiving Social Security
Total annual retirement income
from sources including Social Security
Additional annual retirement
income you need from future savings
Total additional savings
accumulation needed at retirement to provide the additional retirement
income
Amount
of money you need to save each paycheck, starting today, to accumulate
the additional retirement savings.
Approximate
% of your annual current salary that you need to save!