Easy Retirement Calculator

how much do i need to retire

This retirement calculator will help you answer The Key Question, “How much do I need to retire?”

 

Fill out the form and you’ll have a better understanding of what it will take to retire and stay comfortably retired. While this calculator will help provide some clarity, we do recommend that you talk with one of our financial professionals to understand all the factors that play into your retirement number.

 

Regardless of where you stand, we have proprietary strategies that can help you achieve financial confidence and help you work toward the retirement you deserve. 

 

Progress starts with the first step. Contact us today for a complimentary meeting and we’ll help you identify a more accurate retirement number.

Retirement Calculator Overview

Our retirement calculator performs a calculation that attempts to identify your “retirement number” by taking the following factors into consideration.

 

  • The number of years until you plan to retire
  • 3% inflation rate
  • 5% rate of return on retirement savings
  • 80% adjusted retirement income level
  • A 25 year retirement plan

 

All of these components are included in an equation that provides a general retirement savings estimate that will help give you a guideline to strive for. If you think you’re off track based on the number you’re provided, don’t panic. Our team can help you reach your number with a customized plan that provides you with actionable steps.

millennial retirement planning savings 1

Achieve your financial goals

The Tranel Financial Group has been helping people achieve their retirement goals since 1988. Contact us today and we can help you build a personalized retirement plan.

How Much Money Do I Need To Retire?

As a general guideline, you’ll need to replace approximately 70%-85% of your annual income in retirement. For example, if you have an annual income of $100,000, it’s commonly recommended that you have enough savings to withdraw about $80,000 annually while retired.

 

It’s important to mention that this is a general rule of thumb and does not apply for everybody and their unique retirement plan. This simple equation doesn’t take into account several key factors such as inflation, current savings, future expenses, and more. For instance, you may be able to readjust your retirement plans if you know you won’t have a mortgage payment once your retirement begins—that could be a significant monthly payment that no longer needs to be accounted for.

 

To better understand how much money you need to retire, we recommend working with a financial advisor who has your best interests in mind.