Are you struggling with saving money for retirement? If you have no idea how much you need to be putting aside each month to ensure that your retirement is comfortable, you can use an online retirement calculator to help you come up with a dollar amount for your situation. Using a retirement calculator can actually be relatively simple, as well.
While all of the various calculators that you find online will vary somewhat, they’ll all have some basic components. You simply put in the information required for each form field and the click on “submit” or “calculate.”
For instance, you will need to put in your current age, as well as the age of retirement that you want. Your life expectancy also needs to be put in, as does your current income. Most calculators will also ask about typical annual raises.
Finally, your retirement calculator will also ask for the amount of money that you want per year during your retirement, or you can express this as a percentage of your annual income (most people opt for 70 to 80 percent of their standard annual income here). Once you have put in all this information, simply click the “next” button (or whatever equates to that on your calculator).
You will now have to put in your expected Social Security benefits, and the age at which your Social Security benefits will begin paying (65). You might also have the option of listing a survivor’s benefit here, as well.
A comprehensive online retirement calculator will also ask about your 401(k) amount, as well as tax rates. Input this information and finish the calculation. You should now have the amount you need for retirement!
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