Copy & Paste Library
A collection of unformatted Banzai library content. Copy, paste, and revise these articles as needed. Useful for marketing and education purposes.
> Topics > retirementRetirement Calculator
Article Title
Topic
retirement
Reading time
3 min activity
Description
How much will you need to save for retirement in order to maintain your current lifestyle?
Attribution
You do not need to attribute Banzai, however, it's important that you give attribution to your own Wellness Center. Click here for detailed instructions.
<link rel="canonical" href="https://callfederal.banzai.org/wellness/resources/retirement-calculator" />
or...
This article has been republished with permission. View the original article: Retirement Calculator.
Resources
Help ArticleTo add calculators or Coaches to your webpage add the following link once to the bottom of your page's code. (See here for more details.)
<script>!function(e,t){var s="script",a=e.getElementsByTagName(s)[0],n=e.createElement(s);n.async=!0,n.src="https://banzai.org/coach/styles.js?subdomain=callfederal",a.parentNode.insertBefore(n,a)}(document);</script>
Use the following divs wherever you'd like the respective element to appear.
Retirement Calculator<div id="retirement-calculator" type="calculator" class="__banzai-coach"></div>
Images
Article Content
How It Works
It's critical to begin saving for retirement as early as possible; that's because it can take time for your funds to grow. This calculator will allow you to see how much you need to save now in order to enjoy your current standard of living when you retire. Start by entering your annual pre-tax income and the amount you currently have in a savings account or retirement fund. The calculator will automatically preset the Retirement Goal slider to 70% of your current annual income, move the slider if you predict that you'll need a higher or lower percentage of your current salary each year to live during retirement. Adjust the monthly savings slider to the percentage you're planning to save each month for retirement. The Rate of Return is the return you expect on your savings. If you're saving in a typical savings account, that will be the interest rate. If you're using a retirement fund, many experts estimate the rate of return to be between 4 and 6 percent, though it will fluctuate.
Adjust the Current Age, Retirement Age, and Life Expectancy sliders accordingly. The calculator will display an estimated monthly income, which includes an average monthly distribution from your retirement savings as well as a projected amount from social security. The calculator will also show you the total amount you will save for retirement and how much you will need to save to meet your retirement goal.