How Much Will You Need To Retire?

That depends. In order to answer this question, you must sit down and picture retirement in your own mind. Retirement means different things to different people. For some, retirement means being sufficiently financially independent to travel and relax 24 hours a day. Others may view retirement as a "career change." However you view retirement will help you determine how much you will need to retire. So let us help you paint that picture.

Questions to ask yourself

Will your lifestyle change dramatically in your retirement vision? Or will you, like most persons, continue doing the things you currently do, trading "work" for leisure and volunteering? Will you incur more expenses in retirement for leisure and travel? Or will you prefer to spend more time with your children, grandchildren, and family?

How much retirement income will you need?

Many "experts" claim that the average person needs 65 percent to 75 percent of his or her pre-retirement income. However, that is average, and we have never met an average person. You can get a good idea of how much you need by examining your current lifestyle and adjusting it for your retirement vision.

Retirement cash flow deficit?

When you subtract your projected retirement expenses from your expected retirement income, you may find you have a negative cash flow. This negative cash flow is your "retirement cash flow deficit." Once you know what your retirement cash flow deficit is, you can determine how much you need to save to make up the difference.



Retirement Interactive tools

What is the impact of increasing my 401(k) contribution?

When determining the amount you set aside each paycheck to contribute to your 401(k), there are a number of factors to consider to ensure that you can reach your retirement goals.You should consider when you are planning to retire, what your current 401(k) balance is, what you are invested in and how much you save each pay period. This calculator will help you determine the impact of increasing the percentage of your paycheck that you contribute to your 401(k) savings and the impact to your retirement savings outlook.

Retirement Article

What Will Social Security And Your Pension Provide?

If you have been working all your life contributing the maximum to the Social Security system, you could receive over $25,000 per year at your full retirement age ("FRA"). Of course, these figures will be adjusted for inflation. If you choose to start receiving your benefits before your full retirement age, you will receive a reduced benefit. To find out your FRA and how much your monthly benefit will be, you can use the online tools at, obtain a free form from your local SSA office, or call 1-800-772-1213.