What’s Your Number? Online Retirement Calculators

September 19, 2011

By This e-mail address is being protected from spambots. You need JavaScript enabled to view it , America Saves Communications Manager

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We all know that we need to save up for retirement. The question becomes how much do I need to save? One of our Facebook page fans recently suggested that one should save 15% of gross income savings for retirement but was unsure if that was for one person or both in a joint household. As for the 15% part, I found this great article that details the difference between saving 10% and 15%. As for who needs to save that percentage, I’m not an expert but I’m pretty sure both you and your significant other will need to save for retirement.

Luckily there are many online calculators to help us figure out how much money you (or each of you) will need to save.  Each calculator works a bit different but to make sure you are saving enough you can run the numbers twice. Once with just your income and how much you are saving; and once with your joint income and how much each of you are saving. Learn more about savings for retirement on America Saves, and then calculate your number.

Here are some great resources to help you find your number:

Online Calculators & Resources

• Determine how much money you need to save to live comfortably in retirement with the easy-to-use Ballpark E$timate Worksheet.
• Calculate your estimated social security benefits using this online tool from the Social Security Administration.
• Retire Online – Social Security’s new online retirement application can be completed in as little as 15 minutes from the comfort of your home or office - It’s so easy!
• Utilize AARP's online calculator tools to determine your retirement shortfall, what type of IRA is best for you, and how much of your retirement will come from your 401(K).
• Assess your retirement readiness by taking this simple interactive questionnaire to determine how prepared you are for retirement.

Advice from Experts

• Not sure where to get started for your retirement plans? The Department of Labor helps “Take the Mystery Out of Retirement Planning” by offering guidance on expected expenses and income.
• Download the free e-book “What Women Need to Know About Retirement” from Wiser Women.
• Confused as to how to open and manage your retirement account?Smart 401(k) Investing tips offers advice on how to open a 401(k), different plan options, strategies on proper investing, as well as rules on how to manage, move, and withdraw funds from your account.
• Maximize your retirement by making the most of your 401(K) with employer-sponsored matching contributions.

Retirement Resources for Military Families

• Check out the Social Security Administration's Retirement Plannerfor information on receiving both military entitlement and social security.
• Access a comprehensive booklet explaining the details of the Thrift Savings Plan, including features, contribution limits, benefits as well as information on how to manage your existing account.