Retirement Planning Calculator Can Improve Your Standard of Living
What is the minimum amount of money you need at retirement? This is a different question than how much money you would like to have. The minimum amount calculation takes into account the cost of basic human needs and services such as – food, shelter, health care, and so on. A good retirement planning calculator/computer will look at what you’re spending now on these items and extrapolate their costs into the future, taking into account inflation and other cost of living variables such as age.
The calculator may alert you that what you thought was necessary to maintain your current standard of living will be, in fact, woefully inadequate 35 years from now. Having this knowledge in hand will let you adjust your savings plan in time to make a difference. It’ll let you know how much you can safely withdraw without significantly drawing down your principal.
