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Your living expenses may increase or decrease at retirement but will likely not stay the same. You may travel more, reduce business expenses such as eating out and transportation costs, perhaps your house will be paid off.
Your retirement income can vary widely depending on what type of account holds your savings and what assumptions you make about return and tax rates during the accumulation and withdrawal periods.
Retirement can be the happiest day of your life!
This pre-retirement calculator was developed to help you determine how well you have prepared and what you can do to improve your retirement outlook.
It is important that you re-evaluate your preparedness on an ongoing basis.
One method of retirement planning is to project what you are currently saving and have already accumulated to see if you will have enough to meet your retirement objectives.
Depending upon your current earnings, Social Security can be a significant part of your retirement income.
However, many factors will impact the benefit you may receive.
It may surprise you how much inflation can erode purchasing power.
Due to increasing life expectancies, many are running into the problem of outlasting their savings.
A penny saved is a penny earned, but a penny saved today is a penny potentially earning more.
It may surprise you how much you can accumulate for retirement simply by foregoing a few luxuries such as a one-time purchase of a boat or cabin, or trimming back recurring monthly expenses such as eating out, movies, magazine subscriptions, cable tv programming, video rentals, vending machines, etc.
It may surprise you how significant your retirement accumulation may become simply by saving a small percentage of your salary each month in your 401(k) plan.