I’m fairly young to be thinking about retirement, even though I so often dream about those long, leisurely days, but I’d like to be prepared for when the day finally comes. I also want to have a plan well before then so I know how much money I should have saved. Thinking about retirement and the money I want to have saved for all of the things I’d like to do, quite honestly, terrifies me. It’s not on the top of my worry list right now but it’s only a matter of time before it nears.
Today I was surfing the CNN Money page and they have a retirement calculator.
You enter your age, what age you’ll be when you retire, how much money you have saved for retirement already, and your annual salary and the percentage at which you’re saving and voilà! It lets you know how much you’ll probably need and how much you’ll have if you stick to the same annual salary and percentage of contribution.
No matter how old you are, it’s a great tool to utilize once in a while to keep you on track. It probably sucks to be old but you don’t want to be old AND poor!
Check out the money calculator here.