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The earlier you start, the easier it will be. Let the power of compounding work for you. Use the Retirement Calculator to determine how much you will need to save to reach your retirement goals. Remember, in addition to your savings, you’ll probably be getting retirement income from pension and government plans.
The retirement calculator answers two questions:
How much money will I have for retirement if I make regular yearly contributions?
How much should I contribute yearly if I want a specific annual retirement income?
To get the answers to these questions, enter your financial information and TAB through the form. In the last field enter your yearly contributions. This will allow the program to calculate how much money you will have for each year of your retirement, given your current savings habits. In the last field enter the amount of the annual income you desire. The program will use this information to calculate how much you should save yearly to achieve your desired annual income during retirement.
When all fields have been filled in, click "COMPUTE". Your annual retirement income will be computed as well as additional contributions needed to reach your goal. |
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