Are you dying to know when you can retire? I know...so are we. We want to be able to retire as soon as we possibly can. And if you're the same, then it's really important to understand where you are today. With this When Can I Retire Calculator, you can plug in your current age, your current financials and get a sense of the exact age you'll be able to say goodbye to the daily grind.
Check it out, it's kind of fun to play with. Also, online retirement calculators are never a replacement for professional financial assistance.
Here's how to find the exact month that you can retire!
It's super easy to do - just follow the steps below:
- Type your current age (no cheating!)
- Type your current retirement savings (don't forget about savings, 401k, investments, etc.)
- Type in your monthly savings that you can invest (e.g. monthly earnings - monthly expenses)
- For annual interest rate (ROI), type in an estimate of your annual return percentage that you expect to make on your investments. While this will vary by person, many financial advisors use 7%.
- Type in the total amount of savings that you want to have when you retire. While this number depends on a lot of factors, a general rule of thumb is to multiply your current annual spending by 25.
- Hit the "Calc" button
Check out all the calculated values below the line, including: Projected retirement age, number of monthly contributions, total amount of new savings invested, interest earned, estimated final value of your savings, and the last deposit date (aka the exact month that you can retire!). Also, be sure to check out the savings schedule report and the various charts that are available. If you want to make a few adjustments, no problem. Just hit the "Clear" button and do it all over again.
Finally, you can change the currency (e.g. from USD to Euro) and the date format (e.g. from MM/DD/YYYY to DD.MM.YYYY) by clicking on the "$:mm/dd/yyyy" at the bottom of the calculator under the Charts button.
If you're looking to speed up your retirement by moving somewhere with a lower cost of living...here are some resources:
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