Retirement Basics: How Much Should I Save?
Most people agree that it's a good idea to save for the future. But you might be wondering, "how much is enough?" A good rule of thumb is that you'll need around 80% of your pre-retirement income annually to maintain your current standard of living after you retire. That's a lot of income, if you plan to be in retirement for 20 years or more!
Online Retirement Calculators
We know saving for retirement can be overwhelming, but by putting away small amounts now, and with careful planning and investing, you may find that reaching your goal is easier than you think. So, do you have a retirement goal? How much do you need to save? The online retirement calculators and other retirement planning tools provided by the university's retirement vendors help you answer these questions to get you on the right track.
Finding a Calculator
The retirement calculators listed below allow you to enter just a few numbers and quickly get an overview of how well your plan is going to cover you in your retirement. Most of these sites are available to all without registration.
|American Century||Planning for Your Retirement||This tool asks you to answer various questions related to your personal situation. The results provide easy solutions that can help you manage your money before or during retirement.|
|Fidelity||myPlan Snapshot®||This tool lets you know what you need to start saving and reaching your goals by answering five simple questions.|
|Retirement Quick Check||This tool allows you to get information on how much you'll need to save for retirement|
|Retirement Income Planner||This tool helps you create a retirement strategy to meet your personal goals.|
|TIAA-CREF||Retirement Goal Calculator||This tool helps you figure out how much of your salary you might be able to replace at retirement and how much more you may need to invest to eliminate any potential shortfall.|
|VALIC||Retirement Planner||This tool asks you several questions and tells you if you are on track to meet your goals. If not, what do you need to contribute to reach your goals?|
|Vanguard||Saving for Retirement||This tool lets you determine how much to save. Just enter your current information and find out what that means for your retirement. Adjust your savings to see how you can meet your goals.|