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Will I have enough money in retirement?

Before you can determine whether you will have enough money in retirement, you must figure out how much you will need—based on the lifestyle you expect to have in retirement, your health, the anticipated cost of living and any investment returns.

While this site provides an overview on what you should consider and tools to help you estimate how much money you will need, the actual amount of money you will need in retirement is very specific to your individual situation.

How much will I need?

Before you grab your pencil and paper and head for the calculator, it might be helpful to first consider the following:

  • How long will you live?
  • What will the cost of living be when you retire?
  • What will your expenses be in retirement?
  • Will your investments grow and, if so, by how much?
  • Will your retirement benefits last as long as you do?

Click here to explore these questions further.

So, will I have enough?

Once you have a better idea of "how much," it is time to start calculating. You will need to consider all of your sources of retirement income—pensions, individual accounts, personal investments and savings and Social Security. Estimates for each of these likely will vary depending on when you want to retire.

It is never too early to start saving. The longer you have to save, the more money you can potentially put away for your retirement. The "How Much Will I Have?" page links you to calculators that can help you determine:

  • What your income will be after you retire;
  • Which savings or income source will be the largest; and
  • How much of an impact inflation will have on your savings.

What to do next?

Financial planning for your retirement can seem overwhelming. If you need to start simple, go to the "To Do" list to help get you started.

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