Project Long-Term and Monthly Income with a Retirement Fund Calculator
In order to accurately plan for retirement, you must be able to project expected income during your non-working senior years. The easiest way to do this is with a retirement fund calculator that can show both long-term growth of investments and monthly income generated from all income sources.
Project Growth with a Retirement Investment Calculator
Long-term financial stability depends largely on how investments do during retirement years, so this is a natural place to begin your retirement planning. A retirement fund calculator can show you how much your funds will be worth, based on what you’re starting with, how much you plan to invest, how long until you retire and what returns you expect. The results can be displayed in future dollars or today’s dollars, which account for inflation.
Using a retirement investment calculator to see how your investments will do over time has multiple benefits. You’ll immediately notice the power of compound interest as investments grow over time, and you can play with the variables to see how different scenarios play you. Most importantly, you can check how much your major investment accounts will be worth at various stages of retirement. This will let you know whether they can cover the cost of long-term care, medical care or other major expenses you might have in the future.
Project Monthly Income with a Retirement Planning Calculator
In addition to helping you plan for the big expenses that come later in life, a retirement planning calculator can also help prepare for regular monthly expenses. Along with investment account growth, a retirement planning calculator can also show you how much monthly income your various accounts and assets could generate. You’ll want to include social security, pensions, annuities, rental investments, retirement accounts and other sources of income in these calculations.
Know what your various income sources will generate on a monthly basis lets you see whether you can maintain your current lifestyle during retirement. Compare what you expect to have with your current budget, and see whether your behind, on par or ahead of your current income situation.
Get Started with a Retirement Fund Calculator
All of this takes only a few moments with a retirement fund calculator. Check out our calculator, and see what your long-term investment growth and monthly income will look like during your retirement years.