What Will Your Retirement Years Look Like?
Whether or not you need or want to work later in life, those “golden years” will be a lot shinier if you start thinking about them now. From traveling to spoiling the grandkids, from enjoying hobbies to taking college courses, from starting a fun part-time second career to leaving a legacy, the good life awaits those who think and plan ahead. What will your retirement look like?
Delay Retirement to Reap Rewards
Build A Bigger Next Egg
Get Larger Social Security Checks
It’s Never Too Early or Too Late to Save for Retirement
Only one in three Americans have some retirement savings. This means many will need to continue to work instead of retiring to supplement the $13,000 average annual social security income. For many Iowans, meeting the financial demands of today means delaying saving for tomorrow, but saving just a little money now can be a huge help for later.
It’s important to put away some amount of money — preferably in a retirement savings vehicle offering a higher interest rate, such as a 401(k) or an IRA, versus a lower interest savings account. If you start saving today, your money can go to work for you by compounding interest to build you an emergency fund or a sizeable nest egg to retire.
Calculate
Retirement
How much do you need to invest each month to reach your retirement goal? Are you on track to hit your retirement year target? Use this calculator to configure how much money you will have by your target date by inputting how much you have already saved in a retirement plan and your current monthly investment in that plan. If it’s possible to save a little more each month, you may retire a little early or have a higher annual income during retirement.
Even if you are 50 years old and have not saved a dime for retirement, you can accumulate more than $100,000* by age 67, when you can take the maximum monthly payout from Social Security. All you need to do is invest $300 per month in your employer’s 401(k) – if your employer matches your contribution, you’ll have even more money at retirement or can contribute less monthly.
*Based on saving $300 per month for 17 years with a 5% annual rate ROI.
Retirement Savings Calculator — calculate savings required to reach retirement goal
This calculator easily answers the question "Given the value of my current investments how much do I need to save each month to reach my retirement goal?"
The user enters their "Current Age", there expected "Retirement Age", the "Annual Interest Rate (ROI)" (annualized Return on Investment one expects to earn) and "Amount Desired At Retirement".
The calculator quickly calculates the required monthly investment amount and creates an investment schedule plus a set of charts that will help the user see the relationship between the amount invested and the return on the investment. The schedule can be copied and pasted to Excel, if desired.
If you need a more advanced "Retirement Calculator" - one that calculates many more unknowns and one that calculates assuming retirement income and not a final lump sum then try the calculator located here: https://AccurateCalculators.com/retirement-calculator
Currency and Date Conventions
All calculators will remember your choice. You may also change it at any time.
Clicking "Save changes" will cause the calculator to reload. Your edits will be lost.
Watch These Retirement Hacks
Making Your Money Last
Through different sources of income, some creativity and trustworthy advice, there are many ways to fund your retirement, if you haven’t saved enough.
Spending Savings Wisely
It’s important to know how much of that hard-earned money can be spent each year. Learn the three buckets spending strategy.
Consider Your Location
Where you choose to retire can have a huge impact on how long your retirement savings may last.
