Retirement Savings Calculator
Here is an estimate of how much you need to save initially each month to match your retirement nest-egg goal. You will need to increase your savings
in future years to keep pace with inflation. The results below assume 3% annual inflation and 2% annual home appreciation.
Annual Retirement Income In Future Dollars:
Annual Social Security and Pension Benefits:
Projected Future Value of Current Savings:
How Much You Should Be Saving Each Month:
This amount includes how much you are already
saving plus any employer match
I took a look at Chris Hogan's R:IQ and I plugged in $50K as an estimate for what I have saved. Plugged in retirement age of 63 and that I'd like to live on $5K/mth.
Here's what I got.
Your R:IQ is:
What you need to
Without adding anything else, your current retirement investments should be worth:
Here’s how much you need to save to reach your R:IQ:
It sure looks like a lot.
Playing with retirement numbers