How to tell if you're "on track" with retirement savings?
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Anonymous
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Is there a calculator somewhere that can help you determine if you're on track for saving enough for retirement? I realize I could make my own spreadsheet, but I'm not entirely sure how to take into account projected investment return, or the fact that over the next 20+ years my income (and therefore potential retirement contributions) will likely go up.
At the moment I'm 26 and have about $45k about evenly split between a Roth IRA and Rollover IRA from a previous employer 401k. I max out the Roth every year, as well as a family HSA which we never, ever draw down on (so ~$12k/yr). DH has his own retirement accts, with higher balances but he's older, too. I feel like I need to prioritize this more, but am also socking it away in 529s and Coverdell. I'd like a tool that tells me "if you want to meet your goal of having $X million total when you retire at age Y, you need to increase your contributions by Z per year" (or Z per year for the next 5 years, then A per year for 5-10 years from now, B for years 11-15, etc.). |
Anonymous
| Market watch has a pretty good one. |
Anonymous
| Financial engines. I get access (free) thru work so you may ask yours. http://corp.financialengines.com/ |
Anonymous
| There are a hundred free retirement calculators online. Just google around. |
Anonymous
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Firecalc has come highly recommended. You have to click on the tabs on the top to enter in all of the variables.
http://www.firecalc.com/ |
Anonymous
That's not the most confusing thing I've ever seen, but it's close. |
Anonymous
Anonymous
I agree - it's not as user-friendly as it could be. |
Anonymous
+1 for Firecalc. It's a bit confusing, but it's great. |