Retirement Planning

Check Your Progress with Retirement Savings Calculators

How much do you need to retire? That is always a tough question. We've put together some information - and links to retirement calculators - to help you plan.

Retirement Savings Calculators to Help You Stay On Track

Knowing how much you should be saving for retirement can be confusing. So how do you begin to calculate how much you’ll need to retire comfortably after your working years are over? Since different people have different retirement goals, there really isn’t a conclusive answer.

While you may prefer to meet face-to-face with a qualified financial professional, you can also take advantage of the many online retirement calculators. You may choose to use them get a better idea of what you should be saving to stay on track, as an indicator to determine if you need to seek some financial assistance – or both. However you decide to use them, you shouldn’t rely solely on these (or any) online calculators or website to give you all the answers.

The following are three online retirement calculators that you might want to “kick the tires on” before deciding on which one works best for you.

The Market Watch calculator allows you to enter a variety of data such as your current assets, future income, and estimated retirement income. Based on this data, you can immediately see how long your income may last and to what age this income will be sustainable.

The Vanguard Retirement Income Calculator works on a simple to use sliding scale that can show you how much money you might need in retirement and whether or not you’re on track. By comparing what you have now to what you may need to retire on, you can visually identify where the gaps are and begin to make changes for the better.

Out of the three, the CNN Money Calculator is one of the most basic of the online retirement calculators that can help you better estimate how much you should be saving to meet your goals. It considers your age, projected retirement age, and how much you have saved to date. Once the numbers are in, you’ll have a savings rate that will indicate what percentage of your income that you’ll need to be putting aside for your golden years.

These are just three of the many easy to use retirement calculators on the Internet that may be just what you need to get on the right track, and to save more for your life after work. But remember, the best rule of thumb is to begin saving early for retirement. After all, there’s no time like the present!

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

Retirement Savings Calculators

Knowing how much you should be saving for retirement can be confusing. With the many online retirement savings calculators available to help you save for retirement, you can get a better understanding of where you are and where you need to be in your retirement planning efforts. For more information, visit the Protective learning center.

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