If you’re still very young, saving more should be easy. Here are more reasons it is important for couples to discuss retirement plans. Catch-up contributions for 401(k) and IRA plans raise your max contributions by $6,000 annually in 2017, according to the IRS. Confused? Not really…I have pension…IRA, ROTH TSP and SS to figure in? You’re welcome! NerdWallet strives to keep its information accurate and up to date. You can be secure in retirement even at a very low-income level — so long as your expenses are low too. There are so many retirement questions. Once you’ve figured out how much you need to save for retirement, head over to our Personal Finance 101 page to see how easy it is to start your journey! How much do you want to spend each month? Our Books We are still working on how to predict when you shall die. Some financial experts suggest saving at least 15% of your income, but the truth is the percentage of income required is a function of how long you will be saving and how early you started. Would you be willing to downsize your home to afford more travel? Early preparation gives you more time to plan options that will make your retirement years more comfortable. For example, you might have your mortgage paid off by then, but your travel spending could increase. Simple Retirement calculator. Loan This retirement calculator gives you control over a lot of details. This simple retirement calculator helps to estimate retirement income. Take 3 steps to see where you stand today & get ready for the future. Home equity is becoming an increasingly popular way to help fund retirement. Personalization: The more you can customize the assumptions when planning, the better your plan will be. Using a retirement calculator (or a more comprehensive retirement planner) is a great way to get a hands on understanding of your finances. Our default assumptions include: A 5% rate of return in retirement (assuming a more conservative portfolio). Do you have a pension? Disclaimer: I am not a licensed professional. Chris and Clem Meet Up down at their local pub and discuss how Chris is going to invest for his retirement via his Self Invested Personal Pension. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Click here to go to commonsenseretirementinvesting.com's Home Page. What’s My Magic Number? 10. Financial security in retirement doesnât just happen. -Micah (54 y/o). Look for ways to cut back so that you can save more. The typical advice is that you should aim to replace 70% to 90% of your annual pre-retirement income through savings and Social Security. We believe everyone should be able to make financial decisions with confidence. Sure, you know about saving for retirement and other financial issues, but have you considered the life planning questions? This simple retirement saving calculator will teach you the easiest way to find out how much you need to save each month to reach your retirement goal. This should give an idea of what’s left in my accounts after 30 Yrs of my designated withdrawals! If you are 40 or 50, your most pressing concerns might be worrying about your kids and mortgage but you know retirement is looming. Most people have lived their lives day to day, month to month, year to year. Create an account to reduce your bills, eliminate debt and grow your money. Social Security is a social insurance program run by the government to provide protection against poverty, old age, and disability. Try it out today. Compound Interest Calculator Thanks for this easy retirement calculator (and for the quick reply to my email). I presume inflation and taxes are factored in, correct? How can this simple savings calculator help? For example, if you save 15% of your income and elect to spend at NerdWallet’s assumed rate of 20% less than you do pre-retirement, the calculator will show you how much you need to save to replace 65% of your current income. Our partners cannot pay us to guarantee favorable reviews of their products or services. Before you know it you’ll have a tidy sum and be ready for a secure retirement. Evolving: What you need from a retirement calculator will change over time. To estimate that, think about how your current spending might change. However no guarantee is made to accuracy and the publisher specifically disclaims any and all liability arising from the use of this or any other calculator on this web site. Under optional settings, you can adjust your expected investment rate of return before retirement and add what you expect to receive from Social Security each month (get an estimate here).