Retirement Savings Calculator #1 or
How long will my retirement savings last?
This calculator assumes that you have a retirement savings account and you receive a monthly fixed income from, let's say, social security. Also, you have monthly expenses that are greater than what you receive from social security so you have to withdraw from your retirement savings on a monthly basis. You want to know how long your savings will last you. See the notes below the calculator.
Notes:
- Retirement Savings Account Balance
- Enter the current account balance or the amount you will deposit to start the retirement account.
- Annual Interest Rate
- Enter the Stated Rate. This calculator will compound interest monthly. For example, an annual interest rate of 7% will be approximated as a monthly rate of [ 0.07/12 months = 0.00583 or 0.583% ].
- Interest for this calculator is calculated at the end of each month so will include the net account amount after any withdrawals for that month.
- Monthly Income
- Enter monthly income such as social security payments.
- Monthly Expenses
- Enter the total of your monthly expenses.
Please contact us if you have any questions or suggestions. Thank you.
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