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About Me
I am    and
years old. My spouse is
. Our monthly work income is
and we have saved
. Every month we spend
and we save
. I want to retire at
and start Social Security at
What if I…

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More Information About the Important Retirement Planning Questions

Below is more information to help you answer your critical retirement planning questions:

How much do I need to retire?

Figuring out how much savings you need to retire is not a simple calculation. You must know how long you will live and project your expenses forward from retirement through the rest of your life. Expenses should include housing, healthcare, all household costs, what you know what you’ll spend and make a guess at unexpected outlays. You also need to calculate your retirement income from Social Security and other guaranteed sources. (Curious how your income compares? Check out Average Retirement Income).

Any retirement expenses not covered by known retirement income will need to be taken care of with your savings. That sum is how much savings you will need for retirement (factoring for rates of return and inflation). There are hundreds of numbers that go into getting a really accurate estimate of how much retirement savings you need. The NewRetirement Planner is a comprehensive tool that can help you get to a reliable number.

How long will my money last?

How long your money lasts in retirement depends on how much you are spending and how much income you have. It is possible to live on Social Security alone, but most people require additional income from savings to support themselves in retirement.

See if you will run out of money in retirement with the NewRetirement Planner

What is the best age to retire?

Retirement means different things to different people. It is becoming more common to think of retirement as the age when you stop needing to make money (whether you are actually working or not). By that measure, you can retire as soon as you have adequate income and savings to cover your expenses for as long as you live -- no matter how long that turns out to be. Here are some tips for figuring out when to retire.

Interested in an early retirement? Try out these 37 tips, tricks and hacks for reaching your early retirement goal.

How much should I have in my 401k?

How much to have in your 401k depends on your age and how much you want to be spending in the future. When you are younger, you will obviously have less savings than when you are older (assuming you have not tapped into those savings). The earlier you save into -- and invest with -- your 401k, the more money you will amass.

How much should I contribute to my 401k?

You should contribute as much as possible -- up to the contribution limits as determined by the IRS which are $19,500 and an additional $6,500 in catch up contributions if you are age 50 or over.

You can (and probably should) also contribute to an IRA or into non tax advantaged savings. It is possible that you are saving too much but most people will benefit from concrete ideas for how to save more.

How much Social Security will I get?

Your Social Security benefit is based on how much you have earned over your lifetime.

What you collect is based on your Social Security start age. You can start Social Security early at age 62 or as late as age 70. The longer you wait to start benefits, the bigger your monthly pay check will be. The average monthly Social Security benefit is $1,413 (around $17,000 a year). Not sure when to start? Here are 15 tips for making the best Social Security decision.