Use this calculator to estimate the savings you’ll need to enjoy the retirement lifestyle you want. Fill in the blanks; then click Submit. Click Reset to try different figures.
Many studies indicate that if you want your retirement savings to last, you should withdraw no more than 4% to 6% of your savings each year. The exact percentage depends on many factors, including how long you live.
Assuming a withdrawal rate of 4%, for every dollar you want to withdraw annually during retirement, you need to have $25 in assets set aside at the time you retire.
Everyone’s retirement picture and goals are a little different. But hopefully this 4% rule gives you a good general guideline.
To decide how much money you’ll need to retire, you’ll need to consider your own retirement spending needs and your own sources of income.
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