## Combo Retirement Calculator
This is a good calculator to use if you want to try different "what if" scenarios. EXAMPLES:- Joe and Sue are going to retire in 5 years. They've been saving for years and will have accumulated $1.2 million dollars by the time they retire. They can earn appoximately 8% per year by investing in the stock and bond markets. Now they want to know how much they can withdraw each year in retirement.
Using the calculator, enter:- 5 for years until retirement.
- 35 for years in retirement.
- 8 for Interest Rate (Compounded Annually)
- 3 for Inflation Rate They'd like their withdrawal amount to increase each year by 3%.
- Leave the next field alone. That's the one they'll be solving.
- 1200000 (or 1,200,000) for the amount saved.
- 0 for the amount left.
- Press the
**How Much**button. It will show 59,186.81 (in today's $) - Now press the
**View Schedule**button. You'll see that they can spend $68,613.73 in 2024or $59,186.81 in today's $. You will also see that their withdrawal amount increases by 3% each year to adjust for inflation as per the input.
- Using the example above... Sue says their annual income is about $45,000.00 now. They both think that $59,186.81 is way too much. Maybe they can retire earlier? They'd like to see how much $ they'll need if they retire in 2 years. Here's what to do -
- change the years until retirement to 2
- leave the Number of Years in Retirement at 35
- leave the Annual Interest Rate earned field at 8 (compounded Annually)
- leave the Annual Inflation Rate field at 3
- change the annual living expense to 45,000
- leave the total amount they have field blank.
- Press the
**Total**button. It will show they need $834,943.68 when they retire. They'll have that, so all is well!! - Now press the
**View Schedule**button. In 2 years they'll be able to spend $47,740.50 and that amount will increase each year by 3%. YEAH!!! So they decide to retire in 2 years.
When you 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. - 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
button and it will tell you how much you need to invest each period (weekly, biweekly, monthly, quarterly, semi-annually or annually depending on which is selected). You can change the period by selecting another period and pressing the**Contribution**button again.**Contribution**- 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!FAQ:Why does the withdrawal amount increase every year?Why do I have to include taxes in the amount needed to live? Why didn't you include taxes in the calculation? What if I want the earnings to include taxes? How much do I need to live on? I don't understand compounding. Does it really make a difference? What can I expect the inflation rate to be? What can I expect to get from Social Security? I welcome your links to MyCalculators.comTo link to THIS page, please copy the following HTML code and paste it into your page.<a href="https://www.mycalculators.com/ca/retcalc3m.html" title="Combo Retirement Calculator" target="_blank"><strong>Combo Retirement Calculator</strong> |- MyCalculators.com</a> It will appear on your page as: Combo Retirement Calculator |- MyCalculators.comPlease support this website by sharing it with your friends and family. Thank You! |