Retirement planning guide

Retirement planning is a loop: estimate how much you will spend, guess how long retirement lasts, pick accounts that fit your tax situation, set a savings rate and rerun the numbers every few years. Small increases in savings rate matter more than perfect predictions.

Section 01

Estimate your future spending

A common starting point is 80% of current income. A better method is to build a future budget: housing, healthcare, travel, food and taxes.

Section 02

Pick the right accounts

  • 401(k) — pre-tax today, taxed on withdrawal.
  • Roth IRA/401(k) — taxed today, tax-free growth.
  • Taxable brokerage — flexible, no rules.
Section 03

Set a savings rate

15% of gross income is a common benchmark for starting in your twenties or thirties. Start later and the rate must rise.

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Section 01

FAQ

When should I start?

Now. The earlier you start, the less you need to save each month because compounding does more of the work.

What about Social Security?

Include it as a partial income source, but do not build a plan that depends on it entirely.

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What the retirement calculator can estimate

A retirement savings calculator projects how current savings and future contributions might grow under a chosen return assumption. It can also estimate a potential retirement balance or test how long a balance may support planned withdrawals. Because actual investment returns vary, compare several scenarios instead of treating one result as certain. Include workplace accounts such as a 401k, individual accounts, taxable investments, and any pension benefits that apply.

Effective retirement planning also considers inflation, taxes, health expenses, debt, and the timing of Social Security or pension income. Full retirement age is a Social Security term and is not necessarily the age when someone must stop working. An annuity may create a contractual income stream, but fees, guarantees, liquidity restrictions, and insurer claims-paying ability depend on the specific product. Review assumptions regularly as income and expenses change.

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