A retirement calculator is a financial tool that helps individuals estimate how much money they need to save or invest regularly to meet their financial goals for retirement. It considers various factors such as current age, desired retirement age, total savings, monthly savings, and investment returns to project the amount needed for retirement.
How our Retirement Calculator Works!
Enter your current age
Enter your desired retirement age
Input your total current savings that you have. This can be the savings from your investments from different aspects, or just your savings account
Enter your current monthly savings
Enter return on investment based on the asset that you have invested in. Or you can also provide an average return%
The calculator then employs the Retirement formula. The value that you receive will tell you how much fund you will have at the time of your retirement, based on the current & monthly savings that you have input.
What does the retirement calculator tell you?
Assessing Retirement Income: It helps you understand how much wealth you will accumulate at the time of your retirement.
Assessment of Savings Gap: It will help you Identify potential gaps between estimated retirement savings and required funds, prompting individuals to adjust their financial plans accordingly.
Visualizing Retirement Scenarios: You can plan different retirement scenarios based on the wealth you will generate.
Evaluation of Lifestyle Changes: Plan ahead for lifestyle changes that you might want to make, depending on the wealth you will have at the time of your retirement.
Professional Financial Advice: Seek guidance from a financial advisor or planner to help you optimize your retirement plan and investment strategies.