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So what is that mountain top number for you? Well, really there is not just one “magic number,” but five different levels of financial dreams that will free you from financial fears. And when you enter the second act of your life, you will have the freedom to work only if you want to. The goal is to stay on top of the mountain for as long as you can. The journey up the mountain will represent your accumulation phase with the goal of reaching the pinnacle, or critical mass.
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There are two phases to your investing game: The accumulation phase, in which you are socking away money for growth, and the decumulation, the period in which you are withdrawing income. This is the pinnacle we are climbing toward and where a retirement planning calculator comes in handy. This simply means that you don’t have to work anymore – unless you choose to as a means of fulfillment – because the interest and growth being generated by your account gives you the income you need for your life. Eventually you reach a “tipping point” at which your savings will hit a critical mass. Grow your savings to a point at which the interest from your investments will generate enough income to support your lifestyle without having to work. A “how much do I need to retire?” calculator becomes less important when you have the right strategy in place to build future wealth. In other words, you must automate your savings in a tax efficient manner and utilize an investment strategy that will keep earning in any season. You MUST build a money machine, harnessing the power of compounding to create an income stream for the rest of your lifetime. What is a realistic retirement calculator for the present day? How can you plan on how much money you’ll need when you don’t know how long you’ll live? It all comes down to building enough wealth to fund the longest possible number of retirement years. Using a retirement planning calculator to build a money machine Furthermore, 52% of American households are “at risk” for not having enough money in retirement to maintain their living standards, according to the Center for Retirement Research. Twenty-plus years of retirement has become average, meaning many of you will live much longer. Someone retiring today at age 65 is expected to live to 85 or longer. Although the Social Security Act eased the suffering of millions of Americans during a time of crisis, it was never intended to become a replacement for retirement savings.įifty years ago, the average retirement was 12 years. Terms of Use: Your use of this site constitutes acceptance of the Terms of Use.The goal of a realistic retirement calculatorīy now you should know that failing to plan and just hoping Social Security will carry you through retirement is a recipe for disaster. All content, tools, financial products, calculations, estimates, forecasts, comparison shopping products and services are presented without warranty. The information presented is based on objective analysis, but it may not be the same that you find on a particular financial institution, service provider or specific product’s site. NewRetirement strives to keep its information and tools accurate and up to date.
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We strongly recommend that you seek the advice of a financial services professional who has a fiduciary relationship with you before making any type of investment or significant financial decision. NewRetirement Planner and PlannerPlus are tools that individuals can use on their own behalf to help think through their future plans, but should not be acted upon as a complete financial plan. Disclaimer: The content, calculators, and tools on are for informational and educational purposes only and should not be construed as professional financial advice.