Want To Retire|Need Retirement Calculator

How you will ever know if you have enough investments to generate enough retirement income to last as long as you do?   You could always guess, but why would you want to do that when you can get more precise with a retirement calculator.

You do not want to reach retirement age only to find out you don’t have enough money to retire.

Will You Survive Retirement?

If you have never taken the time to determine how much retirement income you will need to survive retirement, you need to do so as soon as you possibly can.

Before you can aim for a target, you need to set it.   You will not know if you are on track with your retirement investing unless you have a target.

Get A Grip

Part of hitting your retirement target involves getting a grip on your retirement expenses and determining whether or not your retirement income can cover them.   A retirement calculator could make the difference between running out of money during retirement and making your retirement income last and last and last.

Use a retirement calculator, enter retirement completely knowledgeable about your expenses and retirement income stream.

Retirement Calculator Questions

To avoid being afraid of a retirement calculator, learn what types of questions you will be asked.  They ask simple and basic plus difficult and complex questions.   Be honest when answering the questions to get the most accurate results.

  • Make sure you have enough for retirement by using a retirement calculator

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    Your Current age?
  • Age you plan to retire?
  • Current value of your retirement investments?
  • Value of your non-retirement investments?  Other investment accounts or real estate values, for example.
  • Your current amount of debt?
  • Approximate amount of debt you will carry with you into retirement?
  • Estimate of your current basic need expenses?  Will those be the same during retirement?
  • Projection of how much you will need to pay for your retirement lifestyle; hobbies, travel, entertaining, etc.
  • How much will your monthly social security benefits be?
  • How much will your retirement plan payout be?

Each question has a purpose.   The questions in a retirement calculator are designed to help you determine if you are on track to reach your retirement goals.

Bridge Any Financial Gaps

  • Dramatically cut your expenses.
  • Continue to work; perhaps in a different line of work.
  • Work part-time.
  • Downsize your home; maybe move to a cheaper part of the country.
  • Borrow against the equity in your home (this should be your last resort, it’s not a very good financial move).

Planning for your retirement is all up to you.   You can get help from employer retirement plans that match or pension plans that may still exist; but the major part of your retirement planning is in your hands.  Plan wisely.