When setting your retirement goal, you should:
- Focus on what you can control—how much to save and where to invest it.
- Create a plan so you can track your progress.
- Monitor your plan and adjust as necessary.
Begin by considering the lifestyle you envision in retirement. Most experts say you’ll need roughly 70% to 80% of your current annual income to live comfortably. This could include sources such as Social Security, but it’s probably wise to conclude that your personal savings will provide your primary source of income.
Retirement Age Calculator
Retirement Nest Egg Calculator
If you’re not sure how much is enough for you, try the retirement calculator below. Enter your age, current retirement assets, and how much you’re saving each month. Use the calculator below to estimate your total retirement savings at age 65 and how much you’ll be able to withdraw monthly. Then try increasing your savings amount to see how much more you could have. Remember that saving for retirement contains two important components—how much you save, and how regularly you do so.
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