Retirement Savings Calculator
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Are you saving enough for retirement? Our retirement savings calculator helps you determine if your living expenses after retirement will be fully funded. Enter your personal information, estimated expenses during retirement, expected Social Security or pension payments, tax-advantaged and other savings account details, and see your results. The calculator will help you get a better idea if you’re on track for retirement or need to adjust your plan. Contact a Fifth Third Advisor to discuss your retirement goals.
To determine if you are saving enough for retirement, the calculator asks for your projected living expenses. Expenses change as you move through various stages of retirement. The three major retirement stages, and the expenses usually associated with each of them are:
- Early retirement. Early retirees typically spend more than retirees in their 70s or 80s. Early retirees may travel more often, or even may still be facing mortgage payments. They have yet to face the restricted budgets that affect retirees in later stages of retirement. You are likely to be in a lower income tax bracket since your highest income-earning years have just ended.
- Middle retirement. As you hit the middle stage of retirement, you will likely begin to spend less, as you travel less, pay off your mortgage, and come to terms with a need to make your retirement fund last. If you are healthy, you are likely to face only some medical bills. Estate planning becomes crucial to ensure that your assets are handed over to the intended beneficiaries when you die.
- Late retirement. At this stage, you are spending more on prescription drugs or other medical care. Leisure- and housing-related expenses are at a minimum and you are likely to have completely paid off any debts such as credit cards or auto loans.
Benefits and Pensions Explained
In addition to a tax-advantaged retirement account like a 401(k), most people also collect monthly Social Security payments, and some people may collect from a pension, too. A pension is an employer-sponsored retirement plan that pays retirees a fixed amount based on the number of years of service and salary history. Pensions are less common now in the private sector, however the majority of state and local governments still offer them.
Learn more with Retirement University.
Tax-Advantaged Savings Accounts
A tax-advantaged savings account is an investment account with tax-deferred or tax-exempt features that are used to save for retirement, college, and other educational expenses. The most common tax-advantaged retirement accounts are 401(k), Roth 401(k), Roth IRA, and Traditional IRA.
Learn more about retirement planning strategies.
Whether you plan to retire in a few decades or a few years, you can take steps to make yourself retirement ready. Use this checklist to build a strong retirement plan, no matter your age.
In Fifth Third Bank's Retirement University series, we help you understand just how much of your income you're going to need once you retire.
Knowing how to manage debt is an important step of the retirement planning process. Here's what to know about consolidating debt with Fifth Third Bank.
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