It's an important question that workers grapple with all the time -- how much do I need to save for retirement?
This retirement savings calculator can help you estimate what your retirement savings will be worth in the future. It will also help you determine how much more you need to save each month to meet your retirement goal.
Source: Henry "Bud" Hebeler of AnalyzeNow.com
Be aware that the calculator does not take taxes on your retirement income into account so your spendable income will be less. The actual results will also depend on how much you contribute to your retirement accounts, how long you live and the returns on your investments.
To better save for retirement, think through all of your options, such as contributing to a 401(k), 403(b), a traditional IRA or a Roth IRA. Different accounts may have different fees that can eat into returns in addition to different tax implications. And you should consider whether you will be required to take minimum distributions once you hit age 72. Roth IRAs don’t have RMDs but traditional IRAs and other retirement accounts do.
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