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 (opens in new tab) 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 (opens in new tab)
Be aware that the calculator does not take taxes (opens in new tab) 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 (opens in new tab).
To better save for retirement, think through all of your options, such as contributing to a 401(k) (opens in new tab), 403(b) (opens in new tab), a traditional IRA (opens in new tab) or a Roth IRA (opens in new tab). 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 (opens in new tab) but traditional IRAs and other retirement accounts do.
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