Knowing how much money you need to make to meet your retirement goals is one thing. Understanding if you're financially on track to hit that goal is another thing entirely.
Therein lies the value of the great retirement calculator that our team has built for you.
With all of your details in place, it will be able to project exactly how much money you'll have saved by the time you choose to retire, if you should save more, and how long your money will last.
Using the retirement calculator we've provided is relatively straightforward.
You'll enter your age, the age you want to retire and your annual income. We'll also ask you what percentage of that income you'll contribute to your retirement and where your savings currently stand.
The remaining questions get a little more theoretical. The first of the final three fields asks what your expected salary increase will be on an annual basis.
Put simply, how much of a pay raise do you think your employer will give you each year?
Entering this figure as accurately as possible enables our calculator to adjust your retirement needs per your growing income.
Finally, you'll need to estimate your investment returns, the percentage of your annual salary you'll need during retirement, and how long you'll need your the funds.