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Money Minute
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Retirement Calculators
Money Minute
Retirement calculators can be a helpful starting point when figuring out how much you'll need for retirement, but not all calculators are created equal.
 

How much money do you need to retire? To help answer this question, there are many online calculators out there on the web. However, they’re not all created equal. Here are some considerations to keep in mind:

  • First, each retirement calculator has built in assumptions. Make sure you’re familiar with them and how they might be different from one calculator to the next. Pay attention to how they factor in inflation, wage increases, and potential investment returns. If you can, make adjustments that more closely match your personal situation.
  • Second, review your monthly expenses and use that information to project what income you’ll continue to need in retirement. Remember some current expenses may change. You might have paid off your mortgage, or other debt, by the time you retire — or you may spend more on healthcare.
  • Finally, revisit your assumptions and calculations periodically to adjust for changes in your life.

Planning is important. And if you need professional help, consider a licensed financial advisor.

At the end of the day, before you can reach your retirement goal, you have to know which direction to go.





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