Retirement Income Calculator
A retirement income calculator can help you determine if you have invested enough to give you the income in retirement that would keep pace with inflation and last for your lifetime. MSN has a calculator that you can access online for free.
You need to decide if your retirement savings principal will be used to fund your retirement lifestyle or to pass on to your heirs. It makes a difference.
This calculator allows you to input income outside your retirement savings, such as, a part-time job. This calculator does not provide the ability to enter income from any pension or Social Security, so you will have to factor that in manually.
You also provide the amount saved in your retirement accounts, your expected rates of return and expected inflation rates, and your retirement age and life expectancy. In addition, you need to provide your planned estate value.
This calculator will show you your annual return on your investment plus your income from a part time job after tax. Be sure to add to that any pension or Social Security you will receive.
Supplemental Retirement Income Calculator
This calculator will consider your retirement savings account withdrawal amount. It will factor in your pension plan income and your Social Security income. It will then compare that to the amount needed to live to identify the supplemental retirement income you will need to generate by either a part-time job or legitimate home business.
You will need to provide how much you have saved, how much you need to live on, what your pension income is, and how much you will receive from Social Security.
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These calculators will be used often as one of your retirement planning tools.
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