401k Calculator How Much Will I Have – To have enough retirement savings to cover your annual retirement expenses of $-––, we recommend that you save at least $-–– per month.
The money you designate as monthly savings is placed in retirement accounts where it will have the greatest overall benefit. Below are averages of where your retirement income will come from.
401k Calculator How Much Will I Have
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For a working person, the golden years of retirement can be both easy and difficult to imagine. We may dream of international adventures or beach vacations, but we rarely lay the groundwork to financially realize our retirement dreams. After all, there are more pressing concerns: work, kids, mortgage and car payments, among other expenses. In the midst of this daily hustle and bustle, it’s easy to put off saving for retirement, especially if you have 15, 20 or 30 years left. In fact, surveys have repeatedly shown that the average American has too little retirement savings, and that significant numbers of Americans in their 30s, 40s, and even 50s have no retirement savings at all.
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It goes without saying that the no-sparing approach is not recommended. At its best, retirement is when the stress of age 1 to 65 fades away, giving way to rest, fun, and grandkids. However, when money is tight, financial worries can crowd out these joys. Want to know how to retire comfortably? Start saving.
On the other hand, just as it’s not smart to save anything, it’s also unrealistic to try to save every penny that hasn’t already been used to pay bills or buy groceries. For most retirees, there are other sources of retirement income besides savings, the main one being Social Security. The general assumption is that, in addition to Social Security and a cheaper lifestyle (more kids at home, higher travel costs), some savings also contribute to financial security in later years. In other words, there is a general assumption that if we save conscientiously, everything will take care of itself. This may be true for some, but these successes are the result of luck, not a sound retirement strategy.
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It’s a term — a good retirement strategy — that many of us are losing interest in. It is full of negative connotations: expensive investment advisors, large piles of documents and complex spreadsheets, etc. But a solid retirement savings plan doesn’t have to be complicated. It comes down to a simple question: How much do I need to save for retirement? By putting aside a percentage of your income each month until retirement, you can save yourself some of the financial worries that many seniors face. A pension calculator can help with this.
To determine exactly what you’ll need for a comfortable retirement, it’s important to think about what kind of life you plan to live in retirement. Are you hoping to travel? Is it a little cheaper in Paris? How often do you want to eat out? Go to the movies? Beach? Want to be closer to the beach? Grandchildren? These questions may seem trivial today, but they can give you an idea of what kind of income you will need in the future. If you want to see the Eiffel Tower, the Pyramids of Giza, and the Taj Mahal, you’re going to need a hefty nest egg. On the other hand, if you plan to live a relatively frugal lifestyle with much less spending than you do now, you won’t need to save as much.
When considering your retirement lifestyle, a general guideline is to have 70% of your annual income before retirement. You can plan for this with a combination of retirement income sources that include Social Security, 401(k) investments and savings, IRAs, and other retirement savings accounts. You also need to consider underlying factors such as inflation, which increases prices over time and reduces what your money can buy.
The point is to create a realistic retirement plan. Don’t discount your future by assuming you can survive on canned tuna and scrambled eggs. Regardless of inflation, some expenses are likely to decrease during retirement, while others may increase. In particular, health care costs are likely to increase after retirement. Therefore, it is better to have a margin of safety against such unforeseen expenses. Also, retirement is a reward for decades of hard work: treat yourself accordingly.
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Whether you plan to live lavishly or modestly, you should have a certain amount of money when you retire. Think of this figure as a mountain peak that can be reached by several different routes. If you’ve done everything right so far, this peak is still visible; you have taken the most direct and most difficult path, and now you only have to continue in the same direction. However, if your savings aren’t where they should be, it’s like you’re headed in the wrong direction: you need to recalibrate and start climbing to the top.
The answers to these questions will determine how much work you need to do to reach the top of the mountain. If you’ve saved a lot and you’re still young, great, you’re on the right track. If you’re unsaved and fast approaching 60, not so much. Let’s run through some examples using our pension calculator to see how this works in real life.
Let’s start with the best case scenario: you are 25 years old and have only worked for a few years before you decide to retire. You live in a medium-sized city, say Tulsa, Oklahoma, where you make $50,000 a year. You now have $5,000 in your savings account, and you can put another $5,000 into your 401(k), saving $100 a month. Your employer has agreed to match 100% of your retirement savings account contribution, up to 5% of your gross income.
After some thought, you decide that in retirement you will be comfortable living on 70% of your current salary ($35,000). Assuming a return of about 4%, you’ll need to save about $189 a month until age 67 to retire with at least $2,042. Not bad ! However, if you continue on your current $100 savings path, when the time comes, you’ll be more than $310 short, or $677, toward your retirement.
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Starting retirement savings early can make a big difference in the long run. By saving an additional $89 per month, the 25-year-old man in the example above could close the $310,677 shortfall predicted by his retirement calculator.
Let’s try another one. He had just turned 40 and suddenly realized that he was not focused on final retirement. Fortunately, she’s been able to build up some serious savings over the years, with $20,000 in the bank and another $22,000 in a traditional IRA. You live in Pittsburgh, where you make $80,000 a year.
Now that he’s older and wiser, he’s a bit more optimistic about his investment, so he expects a 6% annual return. He also plans to live fairly modestly after retirement on 65% of his current salary ($52,000). In this scenario, you would only need to save about 8% of your income, or about $533 a month, until your 67th birthday.
The Pittsburgh resident in the example above is well on his way to a happy retirement. Louise’s retirement calculator predicts that she will have a savings surplus of $8,203 if she stays on her current course.
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You are 54 years old and have saved sporadically throughout your career. You have a total of $50,000 in savings, most of which is in your bank account, and you don’t expect to earn more than 5% on your investment. As a Los Angeles staffing agent, you are self-employed and have never set up a retirement account. You earn $100,000 and have already decided to continue working into your 70s.
However, when he retires, he believes that if he cuts his salary down to 70% ($70,000), he will live comfortably enough. The bad news: To achieve all of this, you’ll need to save $1,950 a month between now and retirement. This is approximately 23% of your monthly income. Compare that to the 5% you save per month. If you continue on this path, you’ll have a savings shortfall of $488,143 by the time you retire.
In the scenarios above, our hypothetical subjects kept their savings in one of the various retirement savings options, or in a savings account,
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