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The purpose of the Retirement Income calculator is to determine the amount of monthly income your current retirement plan will generate. To use this tool you will need to enter your starting balance, your current age, the rate of return before retirement, your current tax rate, your annual contributions, your age at retirement, the rate of return during retirement, your retirement tax rate, if you plan on increasing your annual contributions to keep up with inflation, and if your account contributions are tax deferred. This calculator uses this data to determine what your monthly income will be when you retire both before inflation is factored in and after inflation is factored in.
Knowing how much money your current retirement account may be able to provide you at retirement can help you to determine if you need to make changes to your investment and savings plan. One way to do this is to use a calculator like our Retirement Income Calculator to determine how much your current retirement plan will produce both before inflation is factored in and after inflation is factored in. You can then use these estimates to determine if changes need to be made to your savings strategies.