Retirement Planning

Maybe you have an idea of how much it will cost you to retire, maybe you don’t. Either way, use our Retirement Planning Calculator to give an estimate of how much you will really need to retire and what kind of expenses you be able to cover (use our Cost of Living Calculator to determine % of income needed).

Retirement planning can seem like a frightening task, but we breakdown as many variables into manageable questions that you can answer based on your situation today (or how you expect your situation to be in the near future).

*You may have to scroll right to see the ending savings
Age Year Beginning Savings Interest/Return/Income Expenses Ending Savings

Input and Calculation Definitions

  • Current age: Your current age
  • Age you plan to retire: Age you expect/want to retire at
  • Current yearly income: How much you currently make (all sources)
  • Annual inflation rate: Average yearly inflation rate (2019 was 1.8%)
  • Equivalent future yearly income after inflation: How much your current income will need to be to cover the same costs as today
  • % of current income needed at retirement: How much of your current yearly income will you need during retirement to cover your expenses
  • Expenses at retirement: Amount of yearly expenses during retirement
  • Other expected sources of income during retirement: Any other sources of income you expect to have once you retire (yearly amount)
  • Expected savings at retirement: How much will you have in savings when you retire
  • Rate of return during retirement: How much you expect to earn on your retirement savings once you retire. Most people move savings to safer investments or dividend paying investments when they retire, which normally have a lower rate of return.
  • Planned number of years of retirement: How many years will you need your retirement funds
  • Final line will be either:

    Age your retirement funds will run out: Based on the above calculations this is the age you will run out of retirement savings

    Or

    You will have $XXX,XXX available at the end of your retirement: Based on the above calculations this is the amount of money in your retirement savings when your retirement ends