EXAMPLE:  I've had some people ask me how to use this calculator if you want to retire before receiving any Social Security or pension benefits. Here's how to do it  it's a 2step process:
 The assumptions:
 You're 40 years old and would like to retire at 55. You don't have a pension plan, but will start receiving about $1000 per month (in today's $) from Social Security at age 65. You need $50,000 per year (in today's $) to live on until you're 95 years old. You don't need to have money left when you die. You think you can earn 5% per year and assume inflation will average 3.5% per year.
Step 1 First, do the calculation for the number of years you'll be receiving Social Security (age 65 to 95 years). 25=Years until you retire (begin receiving SS). (age 40 to age 65)
 30=Years receiving SS. (age 65 to age 95)
 5=Interest Rate
 3.5=Inflation Rate
 38000=annual amount needed to live on. ($1000 x 12=$12,000 $50,000  $12,000=$38,000)
 0=amount left
Press View Schedule You will need $ 2,203,771.99 to get you from age 65 to 95.
Step 2 Now do the calculation from age 55 to 65 years. 15=Years until you retire. (age 40 to age 55)
 10=Years of retirement (not receiving SS). (age 55 to age 65)
 5=Interest Rate
 3.5=Inflation Rate
 50000=annual amount needed to live on.
 2203771.99=amount left (The amount from above needed at age 65, to carry you from 65 to 95yrs.) Do not check the box to adjust for inflation!
Press View Schedule You will need to save $ 2,138,749.78 by the time you retire at age 55, in order to have enough money to last to the age of 95. (Assuming all the above assumptions are met, of course.)
*After you view the schedule and find out how much you'll need to save for retirement, use my Savings Calculator to see how to get it.
On the Savings Calculator you will enter:  The $ amount needed at retirement in the Future Value box
Note: You can copy the amount (not the $ sign) from the schedule and paste that to the Savings Calculator.  How much you've already saved in the Present Value box.
 The number of years until you retire in the Number of Years box
 ...and the annual rate that you think you can earn in the Rate box
 Press the Contribution button and it will tell you how much you need to invest each period (weekly, monthly, quarterly, annually... depending on which is selected). You can change the period by selecting another period and pressing the Contribution button again.
 There's no need to adjust that value for inflation. This Retirement Calculator has already done that for you!
Be sure to review your plan periodically or as requirements change!

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