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What is the Retirement Calculator?
A retirement calculator helps you estimate how much money you will have saved by the time you retire. It considers your current savings, monthly contributions, and expected annual return.
How to Use This Calculator
1
Enter your current age and planned retirement age.
2
Input your current savings balance.
3
Specify how much you contribute monthly.
4
Enter an expected annual return rate (e.g., 7%).
5
Click 'Calculate' to see your estimated retirement nest egg.
Example Calculation
Starting at 30, retiring at 65, saving $500/month
If you start with $10,000, save $500/month, and earn a 7% annual return, you could have approximately $944,000 by age 65.
Frequently Asked Questions
Pro Tips
- Start saving as early as possible to benefit from compound interest.
- Increase your contributions as your income grows.
- Diversify your investments to manage risk.