Retirement Income Calculator Results
Your Retirement Income Summary
Based on the information you provided, we’ve calculated key figures that give you insight into your financial readiness for retirement. Here’s what your results mean:
Total Retirement Savings at Retirement
This is the total amount you’re projected to have saved by the time you reach your planned retirement age. This number is adjusted for inflation, reflecting what your savings will be worth in today’s dollars. It combines both the growth of your current savings and the future contributions you plan to make.
Understanding the inflation-adjusted value helps you realistically assess whether your savings will maintain their purchasing power as living costs rise over time.
Estimated Annual and Monthly Income in Retirement
These figures estimate the annual and monthly income you’ll be able to generate from your retirement savings. They are based on a withdrawal strategy that considers how many years of income you’ll need during retirement. The calculator also factors in additional income sources like Social Security or pensions.
By comparing these numbers with your desired retirement income, you can see if your savings strategy is on track. If your estimated monthly income is lower than your target, it may indicate that you’ll need to either save more, adjust your investments, or reconsider your retirement age.
Inflation-Adjusted Projections: Why They Matter
One of the key features of this calculator is that it adjusts your savings projections for inflation. Without this adjustment, you might assume your future savings will stretch further than they actually will. By considering inflation, we provide a realistic picture of your retirement income in terms of today’s dollars, allowing you to make informed decisions about your financial future.
Next Steps for Your Retirement Planning
Your results offer a snapshot of where you currently stand in your retirement planning. If your estimated income meets or exceeds your goal, you’re likely on track for the lifestyle you envision. However, if there’s a gap between your estimated income and desired income, now is the time to explore adjustments like increasing contributions, altering your investment strategy, or adjusting your retirement timeline.
Retirement planning is a dynamic process. Regularly reviewing your savings plan and making updates as needed will help ensure you’re prepared for a comfortable retirement.
Find Out How Far Your Money Can Go
Schedule a free consultation with one of our financial consultants today
Try Our Other Retirement Calculators
Try using some of our other retirement calculators to get a better hold of your current retirement standing.
- Retirement Savings Calculator
- Mortgage Calculator (Coming Soon)
