Planning for Retirement is Easier when Calculators Help the Process
Planning for retirement starts with establishing savings goals based on current household budget priorities. From today’s assessment, you then move on to project what you might need when you plan to retire in the future. Projections are best done when a structured approach is followed, and the calculators below have been designed for this very purpose.
Lifetime Earnings Calculator
We start with “Lifetime Earnings” to establish an estimate of potential savings from employment.
Step 1: Enter your current age
Net Worth Calculator
Your Net Worth establishes your starting point and what may be invested now for later. There are three sections to complete that require your input and completion. The number eventually appearing at the top of the calculator, “Your Current Net Worth”, will be used in the next calculator.
Step 1: Assets – Enter current values of your assets in the applicable boxes;
Savings Goal Calculator
The objective of this final calculator is to demonstrate how monthly savings and returns on your Net Worth can build toward a “Savings Goal”. The returns are adjusted for inflation, such that your goal can be viewed in today’s dollar value terms. You an vary your assumptions as you go, to see if your savings rate can produce the desired savings goal within the time available.
Step 1: Enter “10%” of the earnings calculated in the “Lifetime Earnings Calculator” as your “Savings Goal”;
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* These calculators can assist you in preparing initial planning targets. It is always prudent to review your plan with a professional to refine your plan going forward.