Simple Retirement Calculator

 

When retiring, you may find it helpful to use a simple retirement calculator to help make sure you will be financially secure when it is your time to retire.  Whether you have a pension or a savings or RRSPís, using some type of calculator may help to take all your moneyís into consideration to see if what you have saved will be enough for you and a significant other if that is the case will have enough to live on for the next X number of years.

 

 

If you would rather have an advisor handle your money and make sure you will be financially safe why not visit a financial institution to help manage your money or set you up with RRSPís or some sort of savings retirement fund.  They can be very helpful and less confusing than trying to do it yourself.

 

"The safe way to double your money is to fold it over once and put it in your pocket." 

Frank Hubbard

 

Now if you were just wanting to save money with no risk, you can do the calculations yourself.  As for what fund or RRSP you wanted to put your money in, well thatís something you should definitely discuss with a financial institution. 

 

"The only way not to think about money is to have a great deal of it."
Edith Wharton

 

But just to do some calculations on your own.  Take the amount of money you want to have by the time of your retirement and divide it by the amount of installments you will be making between now and then.  That will give you the amount of money you need to be contributing for every installment. 

 

"Never spend your money before you have it."
Thomas Jefferson

 

You will want to decide on how often you wish to contribute, once a month, bi-weekly, etc.  Say you want to have $100,000 and are willing to contribute bi-weekly.  If you have 20 years left before retirement then you will have 480 installments (12 months in a year, we are contributing twice a month which equals to 24 installments in a year, times 24 by 20 years and viola! 480 installments)

 

"If you would be wealthy, think of saving as well as getting."

Benjamin Franklin

 

Now to find out how much money I need to be contributing bi-weekly.  I take my goal of $100,000 and divide that by 480 installments and that give me $208.33 that I would need to put into a savings account twice a week.  Now that may be a low number to be working with.  But if you have a longer period of time and depending on who you invest that final number should be larger by the end due to interest accumulation.  Thatís why discussing with someone about your future retirement savings is the best way to go.

 

"Lack of money is no obstacle.  Lack of an idea is an obstacle."

Ken Hakuta

 
 

We hope you have found this information somewhat helpful.  Here at retirement wishes are not experts on the subject but just wanted to give you some helpful hints on moving forward to get that savings on track.  We would however recommend you talking to a financial expert on the situation.  They are much better suited on giving you advice on savings and would be the best way to calculate the savings you will need!

 

 

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