Your financial plan should focus on eliminating your debt and fully funding your nest egg. Financial security is worth its weight in gold, and your retirement plan should take into consideration your current age as well as the age you want to retire.
The calculator factors in the following information:
– Your Current Age– Your Desired Retirement Age– Current Retirement Savings Balance– Expected Investment Return– Financial Needs In Retirement (Total Monthly Amount)– Include Social Security Benefits– Any Guaranteed Pension Benefits
Keep in mind, your current annual income is probably paying for more things than it would in retirement. For instance, by retirement age, you may no longer have a mortgage, kids to put through college or other outstanding debts.