Our collection of retirement planning calculators.

RETIREMENT

While we would all like to enjoy a relaxing and satisfying retirement, doing so comes at a cost. Retiring means leaving your job, which could bring with it the worry of paying for health care. Unfortunately, living a healthy retirement also brings with it another worry – outliving your savings.

Supplemental sources of income, like Social Security in the United States, can help ease the burden of paying for living expenses, but to really enjoy those senior years, we need additional sources of income too. Finally, financial security means having little, or no debt, to pay back once retired.

PENSIONS, iRA, ROTH, 401(K), 403(B)

At one time, companies offered employees generous pension plans that would ensure a comfortable retirement, but those days are all but over. Fortunately, we can take advantage of several alternatives – some of which are also tax advantaged. Larger companies and government agencies will typically encourage employees to participate in 401(k) and 403(b) plans as well as their Roth counterparts.

Small business owners and self-employed individuals may be able to set up a Keogh plan to help pay for expenses in retirement. Finally, traditional and Roth IRAs offer everyone with income the opportunity to set money aside for the future. Regardless of the savings mechanism, understanding how much to save and creating a plan will help make those retirement dreams come true – and that’s where our calculators can help.

retirement

Smart financial planning — such as budgeting, saving for emergencies, and preparing for retirement — can help households enjoy better lives while weathering financial shocks.

Ben Bernanke, former Federal Reserve Chairperson