My Retirement Savings

Due to increasing life expectancies, many are concerned they may outlive their retirement savings. Use this calculator to help determine when your retirement savings account may be depleted given a specified monthly income target. Remember, you currently may be in receipt of a company pension or Social Security that may help supplement your retirement savings accounts.
Income Objectives
Monthly income needed (before-tax) ($) 
Annual increases (if any) (%)help
Fixed Income Receipts
Monthly Social Security income ($) 
Annual Social Security increases (%)help
Monthly pension income ($) 
Annual pension increases (if any) (%)help
Monthly other income ($) 
Annual other income increases (if any) (%)help
Savings And Assumptions
Current account balance ($) 
Annual before-tax return (%)help
Desired amortization schedule 
   
This worksheet provides estimates based on certain assumptions. It is not intended to provide specific investment advice. The results are not a guarantee of performance. The rate of return on investments will vary over time, particularly for longer-term investments. Investments that offer the potential for high returns also carry a high degree of risk. Actual returns will fluctuate. The types of securities and strategies illustrated may not be suitable for everyone. Contributions to a Traditional IRA may be fully or partially deductable, depending on your individual circumstance. Under the SECURE Act, in most circumstances, once you reach age 72, you must begin taking required minimum distributions from a Traditional Individual Retirement Account (IRA) and most other employer-sponsored retirement plans. Withdrawals from Traditional IRAs are taxed as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. You may continue to contribute to a Traditional IRA past age 70½ under the SECURE Act as long as you meet the earned-income requirement. A tax professional can help assess your specific situation. Roth IRA contributions cannot be made by taxpayers with high incomes. To qualify for the tax-free and penalty-free withdrawal of earnings, Roth IRA distributions must meet a five-year holding requirement and distribution must take place after age 59½. Tax-free and penalty-free withdrawal also can be taken under certain other circumstances, such as a result of the owner's death. The original Roth IRA owner is not required to take minimum annual withdrawals.

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