Easy Retirement Calculator

Have you figured out the money you require to retire comfortably? As a rule of thumb, you’ll need about 80 percent of your pre-retirement income to live the same lifestyle once you retire. You can also use an easy retirement calculator to determine how much you should save to ensure your finances can sustain you in your golden years. And if you’re looking for ways to prepare for retirement, we can help. At Tranel, our planner can assist you in preparing for retirement and advise you on how to meet your financial objectives.

How Much You Should Save for Retirement at Every Age

Experts use different approaches to answer the question: How much do I have to put aside to retire comfortably without a paycheck? Some advisors suggest saving enough to cover at least 45 percent of your gross income annually, pre-retirement. This is because you’ll most probably get the rest of your retirement income from Social Security.

However, many factors affect this method, for example, the lifestyle you want to live in retirement and the age you wish to retire. As such, it’s important to work with an expert advisor who’ll guide you in developing the best retirement investment strategy. Thanks to their expertise, they’ll include any changes in your standard of living and income into your retirement plan and help you stay the course until you hit your target.

You can use these estimates to know if your retirement ready:

  • By Age 30: Your savings should total your present annual salary. For instance, if you earn $70,000, you need to have saved $70,000 for retirement.
  • By Age 40: Have a minimum of 3X your annual salary saved. Therefore, if you earn $70,000, you need to have saved $210,000.
  • By Age 50: You should have saved 6 times your annual salary.
  • By Age 60: Have at least 8X your yearly salary saved.

What happens if you haven’t saved the recommended retirement savings? You can begin saving now with the guidance of a retirement planner. It’s important to remember that saving for retirement will look different for each person in reality. For instance:

  • Deciding to reduce your standard of living in retirement could enable you to save less or save the same amount but for a shorter period.
  • Perhaps you’re in great health and love working. In such a case, you may choose to retire later than the retirement age of 67.
  • If your spouse doesn’t have an income, you might need to save a lot more to make sure you’re both financially secure after retirement.
  • You can stop working full-time sooner and join your spouse in retirement if they’re 10 years older than you.

Start Planning for the Retirement You Want

Whether you’re early or late on your retirement journey; our planners at Tranel are ready to help you make a retirement plan to secure your financial future. We also provide ongoing monitoring to keep you on course so that you reach your goals. You can also use our easy retirement calculator to get the amount you need to secure your golden years. Contact our retirement planners: https://thetranelfinancialgroup.com/contact-us/.

The Tranel Financial Group

+1 847-680-9050

Easy Retirement Calculator

1509 North Milwaukee Avenue

Libertyville IL 60048 US


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