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The purpose of the Retirement Pension Planner is to help users create an effective retirement plan. To use this tool you will want to enter your current age, your household income, your rate of return before you retire, the percentage of income that you contribute to your retirement account, the number of years that you have until you retire, company pension income, expected rate of inflation, your age of retirement, your current retirement savings, the rate of return during retirement, your expected salary increase, the percent of income at retirement, your spouse's pension income, if you are married, and if you want to include Social Security in your calculations. This calculator will take all of this information into consideration and it will produce a chart that shows your savings for retirement and your total expenses. It will also suggest if you need to save more money or if you could save less money and still be okay.
There are many reasons why you should start planning for your retirement now. First of all the future of Social Security is shaky at best. Because of this you don't want to assume that it will still be available when you retire. Secondly, inflation and the cost of living are increasing each year by about 3.1 percent. This means that if your previous retirement planning sessions haven't taken the inflation rate into consideration then you will probably not have enough money saved to live on when you retire.
Finally, if you want to take advantage of a longer, healthier life then you will need a substantial amount of money saved for your retirement. To get you started planning for a great retirement you should use our Retirement Pension Planner.