A retirement calculator is an online, useful tool to help you determine what age you could retire based off your current and projected retirement savings and see how you could adjust your projected savings to change your projected retirement date. Actual results will depend on current age, how much you have saved for retirement, plan to contribute to your retirement accounts, the rate-of-return on your investments, and amount needed at retirement.
This personal digital assistant is a highly effective resource that can help you smoothly transition into retirement by performing calculations based on the numbers you provide for age, pre-tax income, amount of savings you begin with, how much you intend to save monthly, any additional income sources, and what you expect to receive from Social Security. It’s hard to know the magical number you will need to accumulate to support the lifestyle you envision in your golden years, but with the help of this tool to project the amount of savings you’ll need, you can predict just how your nest egg will (or won’t) work for you.
By predicting the amount you’ll have in today’s dollars and observing how that money would stretch over your retirement years while considering inflation, you can gauge if you’re on track to achieving your post-career hopes and dreams. If not, you can easily see how making slight adjustments can improve your situation, or how fast-tracking your retirement goals can put you on a trajectory to realize the day you can walk out your employer’s door even that much sooner.
