Use our retirement calculator to find out how much money you need to save to retire. Calculate your total and monthly investments required.
This takes into account your current age, expected retirement age, add your current retirement savings, and your savings interest rate.
The average retirement age in America is 62, but more and more people are choosing to retire later in life. According to a study by the Employee Benefit Research Institute, 37 percent of workers planned to retire after age 65 in 2016, up from 30 percent in 2007. And while there are many reasons people are choosing to delay retirement, money is often at the top of the list. In fact, a recent survey by Merrill Lynch found that 70 percent of retirees left the workforce earlier than they planned, with 43 percent citing financial.
How much money will you need to have saved by the time you retire?
There is no one definitive answer to this question. It depends on a variety of factors, including your lifestyle, age, and expected retirement date. However, a good rule of thumb is to have 10-12 times your annual salary saved up by the time you retire. Add this amount to the retirement calculator for the “Amount at retirement” question.
