It’s critical to begin saving for retirement as early as possible; that’s because it can take time for your funds to grow. This calculator will allow you to see how much you need to save now in order to enjoy your current standard of living when you retire. Start by entering your annual pre-tax income and the amount you currently have in a savings account or retirement fund. The calculator will automatically preset the Retirement Goal slider to 70% of your current annual income, move the slider if you predict that you’ll need a higher or lower percentage of your current salary each year to live during retirement. Adjust the monthly savings slider to the percentage you’re planning to save each month for retirement. The Rate of Return is the return you expect on your savings. If you’re saving in a typical savings account, that will be the interest rate. If you’re using a retirement fund, many experts estimate the rate of return to be between 4 and 6 percent, though it will fluctuate.
Adjust the Current Age, Retirement Age, and Life Expectancy sliders accordingly. The calculator will display an estimated monthly income, which includes an average monthly distribution from your retirement savings as well as a projected amount from social security. The calculator will also show you the total amount you will save for retirement and how much you will need to save to meet your retirement goal.
While First Southern National Bank hopes you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.
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