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How much do you need in retirement? Free online programs show just what an individual will need at 'X' age. If my wife and I have different retirement ages within a few years of each other, how can I find out how much we will need in retirement?
look: I'm 72 years old, have $3 million in savings, and would like to move in with my son when he gets married and has kids. Can you afford two apartments?
Have questions about your retirement savings? Email us at HelpMeRetire@marketwatch.com
Dear readers
Having a number in mind can be helpful for savings purposes, but first, be careful not to get tied down to this number, as this number can fluctuate in any given year, such as before and during retirement. please.
That being said, this all depends on your retirement income needs. Different retirement dates will affect how much money you bring in (and therefore how much you withdraw from your retirement account), but the amount you need at retirement is likely to be the same for both retirement years . (Unless there is a major life event such as a medical emergency or change of residence).
A qualified financial planner can help you learn more about the two different retirement ages. They often use software and enter all the factors, along with inflation and assumed investment returns, and are able to capture important data, evaluate it, and incorporate it into their plans. You can use an online calculator to figure out how much you need. should You can save it for the future, but it's not as detailed as a professional could be.
MarketWatch Retirement Calculator
Still, it can be a useful tool to figure out what you need. In fact, MarketWatch has a very comprehensive retirement calculator. Check here.
Before I explain how it works, let me be clear. These tools should only be used as a starting point and are not guaranteed results. There are so many variables that can change between now and retirement, and beyond, that it's important to run the numbers on a regular basis (at least once a year, or once every six months if you're nearing retirement). Please check the following: It's still going well.
In the end, the output is only as good as the input. If you enter unreasonable assumptions into the calculator or miss big numbers like your mortgage or a forgotten 401(k), your answers won't make sense.
Return to the MarketWatch Visual Planner. Starting at the top, enter your current age and estimated retirement age. Enter your salary and savings amount.
Now let's get into more specific details.[保有資産], click an asset type from the drop-down menu and enter the details. For example, if you have home equity or a 401(k) plan, enter your details with or without an employer match.
Under Future Income, choose whether to include Social Security, but if you do, check your estimates and adjust them based on what you think you'll actually get. If you have a Social Security Administration account online, get an estimate of your benefits at various claiming ages. (If you don't have an online account, set one up now.) In this section, add assets such as anticipated lump sums or annuities.
Post-retirement expenses
The Retirement Expenses category allows you to see some of your major expenses, such as medical expenses and transportation expenses. Under Advanced Settings, enter numbers for your life expectancy, expected annual salary increase, and tax rate. Inflation rates for various spending categories are also included, and if you want to be even more cautious, increase the numbers for health care costs.
This tool will help you, but again, do not rely on it. Also focus on what you can do now to provide financial security for your future self. Don't forget to save regularly, review your current spending with your wife and adjust your current and future plans.
When something big happens in your life, revisit your budget and retirement plan and adjust accordingly. Be sure to review your asset allocation within your investment portfolio and check it regularly to ensure that market movements are not moving you off course. And be flexible.
The process of saving for retirement is long and there are some twists and turns along the way, but it's definitely worth working as hard as you want.
