• Question
  • retirement question

    Asked on 10/12/2012

    If i want to retire at 62 and have annual income of $100,000until I am 84 how much do I need to have in savings when I retire?

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  • Categories: Retirement Planning, How Much Do I Need?

Answers

  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • Hi -- Congratulations for knowing how much income you want and for how long. This is a great first step toward a more secure retirement.

    We hope that the NewRetirement Retirement Calculator was able to answer your question for you.

    If Social Security and other lifetime income sources like pensions do not add up to your desired $100,000 income, then you need to figure out the difference. How much more income do you need. Pricing a lifetime annuity can give you a good idea of how much you should have saved to guarantee a certain amount of monthly income. You can estimate the cost of monthly income here:
    --> https://www.newretirement.com/annuity-marketplace.aspx

    I hope that this information -- as well as your NewRetirement Calculator results -- is useful to you! We would also be happy to arrange a free retirement consultation with a financial advisor. This expert can walk you through your calculator results and offer more personalized information.https://www.newretirement.com/free-retirement-consultation.aspx

    Please use our retirement resources at any time.
    http://www.NewRetirement.com

  • Login to rate this answer:   Answered on 10/15/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.