Calculate How much to save for Retirement
Congratulations, just coming to visit this page means your planning ahead for retirement, or you are checking your plans to see if your on track.
Here are some statistics on retirement according to the statisticbrain.com
Percent of people that don’t save anything for retirement – 36%
By age 65 only 4% will have enough saved for retirement.
By age 65 35% rely completely on Social Security.
Percentage of people ages 30-54 who believe they will not have enough money put away for retirement, 80%
Pretty sad right?
Plug in your parameters to see how much you will need to have for retirement.Alternative Retirement Ideas
For an alternative retirement investing idea go to retirement strategies.
Don’t forget about Social Security Benefits
Find out how much you will receive in Social Security benefits in retirement.
How much should I draw from my retirement savings to avoid running out?
The “4 percent rule” – originated in the early 1990s by financial adviser Bill Bengen – says that if you withdraw 4.5 percent of your retirement savings each year, adjusted for inflation, your money should last 30 years. When this calculation was formulated the average retirement portfolio was returning around 8% per years with a blend of stock and bonds. Check out current bond yields. Today however the average return is between 3-4%, due to the rate of return for bond being so low. So, now this thinking has changed based on when you retire, if you retire at 62.5 you may need to dial this back to 2-3%, you if you delay retirement to age 70, you may be able to withdraw 6-7% from your savings. For more see on how much you can withdraw from your retirement savings see the following Forbes article.