Description: Figuring out how much you need to save for retirement can be a difficult task. Because of the uncertainties that exist it's impossible to know exactly how much you'll need saved up in order to retire securely. However, don't let those uncertainties deter you from the proper planning. There are several things you can do to give you the best chances of success. This calculator is designed to help you plan for retirement. Download the spreadsheet (above) plug in your personal information and see what your estimated "required savings" are...based on your inputs. Here's how it works, in 2 steps:
Input the required information; as shown in the picture. The calculator allows you to have different rates of return (on your retirement investments) pre- and post- retirement, as people generally have a more conservative portfolio during retirement. Also, you can break up your future spending by breaking out large purchases that will not be reoccurring annually.
Evaluate your results. Based on your inputs this calculator will estimate your annual savings each year from the CY to retirement. Want to see the impact of waiting 1 year to start saving? Just modify your "current age". Or, maybe you want to see the impact of inflation being just 1% higher (or lower) - it's impossible to know what's going to happen in the future, but you can use this calculator to evaluate how slight modifications will impact your required savings.
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