It’s something none of us want to think about, yet we all have to at some point: how are we going to pay for our retirement? It is one of life’s inevitable facts that we will have to stop work eventually – or will choose to do so – but the worry of not being able to afford to live afterwards is one that is present in us all. Some people are lucky enough to have earned great amounts during their lives, and therefore do not have this worry, but the average man and woman on the street has a lot of thinking to do if they are to live beyond their working years.
How do you plan successfully for your retirement? It’s not easy, but there are ways you can do it without stress, and without taking up too much time. It might help to talk to an adviser, someone who can help you look at your finances in an ordered and structured way – and deliver an idea of what you are looking at in your future years – but the first thing we recommend you do is use this calculator to check things in the first instance.
How It Works
How does the retirement fund calculator work? You answer a series of simple questions, the results of which are then put together to help arrive at a conclusion – be aware it’s not a final, definite conclusion, but one designed to help in an advisory fashion. In other words, the calculator will give you a starting point from which to begin looking at your situation in detail, and working out how you can plan for the future.
The questionnaire takes into account factors such as your current age, and that at which you intend – or need – to retire. You also answer questions about the current status of your retirement fund – how much is in there and how much you are contributing on a regular basis – and what you can afford to add in the future. A calculator such as this can also give you an idea of the interest rates that you will be able to expect in the future, which will help give a clue to how much you will have to live on.
Adjusting Your Fund
Once you have used the calculator, you have a figure that you can look at and see if it is going to be enough to get you through your retirement years. It’s not a definite figure – as we have said – but one that can be used as a fairly accurate guideline for your future income.
It makes a lot of sense to have a closer look at what is going on in your finances now, before you reach the critical point, as you need to know how to change your situation so you can enjoy a stress-free retirement. Have a look at the calculator, and take a few minutes to fill it in, so you can start planning ahead in detail.