Retirement planning is very complex and varies by individual. The following 4 retirement calculators are designed for different retirement planning situations financially.

This calculator gives out saving guideline based on your retirement saving target.

If you have your own retirement saving schedule, this calculator estimates the amount you can withdraw every month once retired.

If you are retired or close to retirement, this calculator estimates how long your retirement saving lasts based on the amount you plan to withdraw every month.

Retirement occurs when people end employment completely. Some people may "semi-retire" by decreasing their work hours. The retirement age varies for different countries, but it is generally between the ages of 55 and 70. Also, the age is different for males and females in some countries. Most people choose to retire when they are ready, but some are forced to retire due to various reasons, mostly due to illness or disability.

One of the most important factors that affect the decision to retire is whether a person is financially "ready" to retire. Planning for retirement means making sure that you will have enough income to live on comfortably when you decide to stop earning your own living. In general, wealthy people tend to retire earlier.

Today, the amount required to save for a comfortable retirement is considerably larger than it was for the Baby Boomer generation. Experts now suggest that you should save at least eight times your salary at the end of your career to make sure that you will have enough to live on through many years in retirement. In the United States, more than 60% of workers believe that they will need to save at least $500,000 before they can retire. Yes, that is a great deal of savings, so you should start as early as possible, making use of the best retirement savings plans, and keep it up without interruption.

In most situations, people financially rely on the following programs after retirement:

Social Securitythis is a social insurance program run by the government to provide protection against poverty, old age, disability, etc. In the United States, approximately one-third of the working population expect Social Security to be their major source of income after retirement. Conversely, more than 50% of retirees expect Social Security to be their major source of income.

Pensionmost public servants in the United States are not covered by Social Security, but by pension programs. Some private employers also provide pension benefits.

Retirement Savings Plansthis normally refers to 401Ks and IRAs (Individual Retirement Accounts) in the United States. These are the savings from personal income, including tax benefits. Many employers also provide a 401K "match" on top of an employee's personal contribution.

Investment Incomethis is income such as stock dividends, real estate rental income, bank savings account interest, and so on.

Personal Savingsthis is the money you save in your bank, such as saving accounts, CDs (Certificates of Deposit), checking accounts, etc.

To financially plan your retirement, please use this retirement calculator to estimate each source of income listed above and add them up.

One reason people tend to underestimate their retirement saving needs is that they fail to properly account for the impact of inflation. We live at a time when inflation is relatively low, and so we do not perceive its effects. But inflation accumulations bit by bit; prices go up in one area like foodstuffs, and later in another like housing. Over a period of years these price increases can have a profound effect on how much money you will need in retirement.

Remember that inflation won't stop once you retire. Prices will keep going up over that 25 to 30 year period. So you must take into account the continuing erosion of spending power that will take place. You have to bear in mind that every $100,000 you have saved up may only have a real worth of $70,000 when you retire, and even less five years later. The average inflation rate in the United States for the past 30 years has been around 4.3%. Please check the Inflation Calculator for more information.

It's important to make use of the best instruments available to save for retirement. You will have your social security, of course, but we are warned that it will deliver less in the future. Some workers, particularly government employees, have pension plans. Then you should get started as early as possible with Retirement Savings Plansthis normally refers to 401Ks and IRAs (Individual Retirement Accounts) in the United States. The former calls for defined contributions from your salary that are matched by your employer, and both remain free of tax while you keep the money in the plan. The latter allows you to make tax-exempt savings contributions. You should also make use of CDs and money-market accounts for risk-free savings at the best interest rates available.

All of this will help you to beat inflation in the long term, and the retirement calculator will help you to determine how much your money will be worth.

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Calculator Retirement