Do I Have Enough Retirement Money?
Is Your Retirement Nest Egg Big Enough?
There's never a wrong time to start planning for retirement, no matter how old you are. If you're younger, there's a huge advantage to putting aside more money now because of all the possibilities it has to grow. If you're older, there are still ways you can catch up if you haven't put enough money aside.
To figure out where you stand, you'll need a few numbers. You'll need to know when you'd like to retire and how much your living costs will be. The common rule of thumb is that you'll need 80% of what you need now. You'll also need to know how much you've saved so far and what, if any, interest you're making. Then just plug the numbers in our calculator to see how you're doing. If you feel like the numbers are coming up short, play around with how much you put into your retirement fund each year. You may need to save a little more to meet your goal.
Click here to access the retirement calculator.
Related: Individual Retirement Savings Options
Related: Take a Close Look at Social Security in 2016
Related: The Lowdown on Medicare and Medicaid
Related: Understanding Social Security