One America Retirement Income Calculator (2023)

retirement income

Develop your retirement strategy

To get closer to your future retirement goals, it's important to have a strategy and review it regularly. This tool can help you develop or adapt your approach to preparing for retirement. It will also show any gaps between your target and your potential retirement income.

As you progress through the tool, you can visualize different possible scenarios by adjusting factors such as:

  • The age at which you retire
  • Your pension contribution rate
  • Your annual retirement income goal
  • Additional sources of retirement income (such as your projected Social Security benefit or another retirement account)

Select Next to get started!

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retirement income

Choose your retirement goal based on what's most important to you. or chooseCrowdwhether you want to target or choose a certain annual income in retirementYearsto determine how long you want to keep your retirement savings.

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    The minimum income you can aspire to is 1% of your current income, depending on what you can get from Social Security. The maximum income you can aim for is 2% of your current income based on the maximum 1 year income you could currently earn. Make changes to the Income screen to increase the target you can reach.

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Based on your retirement goal, your monthly retirement income will be just under $0from the age0.

Your retirement income is $0for old age0when your account balance is depleted. So you have an income gap of $0.

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    (Video) Do I Need A Million Dollars To Retire?

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Next steps

Now you probably have a better idea of ​​how much you need to invest in the years leading up to retirement and the level of investment risk that can help you get closer to your retirement income goal. Now is the time to act.

  1. If you haven't signed up for your retirement plan yet, get started today!Sign up and sign up now
  2. To increase or initiate your contributions,Login to your account or register today.
  3. Browse our other availableOnline educational resources.
  4. If you're not part of a retirement plan, contact your employer or financial professional today and take the next step.

Now you probably have a better idea of ​​how much you need to invest in the years leading up to retirement and the level of investment risk that can help you get closer to your retirement income goal. Now is the time to act.

  1. Click here to increase your contribution rate or review your investment strategy.
  2. Be sure to come back to this calculator for ongoing help in determining your retirement needs.

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assumptions

The calculator assumes that all contributions can be made without additional taxes or fees. Contributions must be paid into a retirement savings account as regular monthly after-tax contributions. Contribution limits for a specific pension account are not taken into account.

Please note that the following is only an assumption and is unlikely to reflect what will actually happen in practice. As a result, your actual account balance will be greater or less than the number displayed by the calculator. The fixed assumptions are:

investment returns

The calculator assumes a pre-retirement investment return of 4% for the Conservative fund, 6% for the Balanced fund, 7% for the Moderately Aggressive fund, and 8% for the Aggressive fund.

Assumes an investment return after retirement of 4% for the Conservative Fund, 6% for the Balanced Fund, 7% for the Moderately Aggressive Fund, and 8% for the Aggressive Fund.

Future inflation and wage increases

The calculator assumes a future inflation rate of 3%.

He expects his future salary to increase by 3% per year.

Assumptions used only for Social Security

The calculator projects that the national median wage will increase by 3.5% per year.

Assumes prior wage increases of 1% per year, plus prior increases in the national median wage.

Historical pay values ​​are estimated based on the user's current salary, extrapolated backwards using actual National Average Wage Index (NAWI) rates plus 1.0%. The 1.0% reflects assumed salary increases for prior earnings and length of service above the NAWI rate.

Future payout amounts are estimated based on current user payouts projected into the future using the assumed NAWI rate plus 0.5% (ie 4% based on current NAWI assumption of 3.5%). The 0.5% reflects presumed future seniority and salary increases in addition to the NAWI rate.

Life expectancy

Life expectancy allows for future improvements in mortality. The life expectancy used in the calculator was derived from the Society of Actuaries Combined Mortality Table RP-2000 extrapolated to 2020 using the AA scale.

other information

This information is provided for educational purposes only. Investing involves risk, including the potential loss of capital. All numerical examples are hypothetical and for illustrative purposes only.

(Video) Vanguard's Retirement Income Calculator

AHC and Lifetime are not affiliated with American United Life Insurance Company® (AUL), OneAmerica Retirement Services LLC, McCready and Keene Inc. or OneAmerica Securities and are not a OneAmerica® company.

One-America/1.0.24r44

retirement income -One-America/1.0.24r44

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disclosure

assumptions

The calculator assumes that all contributions can be made without additional taxes or fees. Contributions must be paid into a retirement savings account as regular monthly after-tax contributions. Contribution limits for a specific pension account are not taken into account.

Please note that the following is only an assumption and is unlikely to reflect what will actually happen in practice. As a result, your actual account balance will be greater or less than the number displayed by the calculator. The fixed assumptions are:

investment returns

The calculator assumes a pre-retirement investment return of 4% for the Conservative fund, 6% for the Balanced fund, 7% for the Moderately Aggressive fund, and 8% for the Aggressive fund.

Assumes an investment return after retirement of 4% for the Conservative Fund, 6% for the Balanced Fund, 7% for the Moderately Aggressive Fund, and 8% for the Aggressive Fund.

Future inflation and wage increases

The calculator assumes a future inflation rate of 3%.

He expects his future salary to increase by 3% per year.

Assumptions used only for Social Security

The calculator projects that the national median wage will increase by 3.5% per year.

Assumes prior wage increases of 1% per year, plus prior increases in the national median wage.

Historical pay values ​​are estimated based on the user's current salary, extrapolated backwards using actual National Average Wage Index (NAWI) rates plus 1.0%. The 1.0% reflects assumed salary increases for prior earnings and length of service above the NAWI rate.

Future payout amounts are estimated based on current user payouts projected into the future using the assumed NAWI rate plus 0.5% (ie 4% based on current NAWI assumption of 3.5%). The 0.5% reflects presumed future seniority and salary increases in addition to the NAWI rate.

Life expectancy

Life expectancy allows for future improvements in mortality. The life expectancy used in the calculator was derived from the Society of Actuaries Combined Mortality Table RP-2000 extrapolated to 2020 using the AA scale.

other information

This information is provided for educational purposes only. Investing involves risk, including the potential loss of capital. All numerical examples are hypothetical and for illustrative purposes only.

AHC and Lifetime are not affiliated with American United Life Insurance Company® (AUL), OneAmerica Retirement Services LLC, McCready and Keene Inc. or OneAmerica Securities and are not a OneAmerica® company.

Generated in

To help you calculate your retirement income, let us take you on a step-by-step interactive tour of all the key retirement areas to consider before retiring. Do not skip this section if you are not familiar with retirement savings terminology and concepts.

Also remember:

HelpIf you exit the tutorial, you can start again by clicking the help button in the top right corner.

To jump to a specific help section, click on the icons that appear around elements on the page.

You've decided to set a goal based on how much annual income you want each year during retirement. The slider shows how much this represents as a percentage of your annual pre-retirement salary. Drag the slider to choose a different amount.

The goal you choose depends on how long you want your income to last. Drag the age slider to the left of the chart to model how age might affect your income.

As a goal, you chose the level of guaranteed income you could earn for the rest of your life. Drag the slider to choose a different amount.

Balance- See how your account balance changes over time, typically increasing as you approach retirement and then decreasing during retirement as you withdraw income from your account.

Once you've set your revenue target, you can use the amount you've chosen to see when your money will run out.

Life expectancy is indicated on the graph by the gray shaded area.

Annual income- See how your annual retirement income is made up of your retirement account(s), Social Security and other income.

Life expectancy is indicated on the graph by the gray shaded area.

monthly income- View your expected monthly earnings at retirement age. The number is made up of your monthly Social Security amount, income from your retirement account, and other retirement income.

posts- Determine your contribution rate, your employer's matching contribution and any additional contributions.

investment risk level- Set your pre-retirement investment risk level and post-retirement investment risk level.

social Security- Determine the amount of your social security. If you know how much you get from Social Security, you can enter it manually, and if you don't want to see Social Security, select None. Otherwise, the tool automatically calculates social security and includes it in its results.

Other retirement incomeDetermine the amount of your retirement income from other sources, eg. B. a part-time job or a pension.

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(Video) The Saving 1 Million Dollars for Retirement Calculator

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FAQs

What is a good monthly retirement income? ›

A good retirement income is about 80% of your pre-retirement income before leaving the workforce. For example, if your pre-retirement income is $5,000 you should aim to have a $4,000 retirement income.

How can I calculate my retirement? ›

The retirement calculation:
  1. Start with the value of each account for the previous year.
  2. Find the distribution factor for your age (use this IRS worksheet).
  3. Divide the retirement account balance by the distribution factor, and that's what you'll have to withdraw that year.

How much money do you need to retire with $100000 a year income calculator? ›

How Much Money Do You Need for $100k per Year? To create a retirement income of $100,000, you might need $1.9 million in savings.

Can I withdraw from my one America retirement account? ›

As a result, withdrawals are allowed when you reach age 59½, terminate employment, retire, die, become disabled or experience a financial hardship (if allowed by your plan). Withdrawals, both contributions and earnings, will be subject to ordinary income taxes in the year in which you receive the money.

How much money do most people retire with? ›

Average Retirement Income in 2021. According to U.S. Census Bureau data, the median average retirement income for retirees 65 and older is $47,357. The average mean retirement income is $73,228. These numbers are broken down into median and mean to more fully understand the average retirement income.

Is 500 dollars a month good for retirement? ›

Most experts recommend putting at least 10% to 15% of your income toward your retirement fund, so $500 per month is right on target according to this guideline. However, whether $500 per month will make you a millionaire will depend on when you started saving.

How much Social Security will I get if I make $80000 a year? ›

Initial Social Security retirement benefits by age and income level
Annual Income (Inflation-Adjusted)Age 62Age 65
$60,000$1,554$1,931
$70,000$1,695$2,106
$80,000$1,787$2,220
$90,000$1,879$2,334
5 more rows
21 Aug 2018

What is the average 401K balance for a 65 year old? ›

While the 401k is one of the best available retirement saving options for many people, just 41% of workers contribute to one, according to the U.S. Census Bureau.
...
Average 401k by Age (Vanguard)
AGEAVERAGE 401K BALANCEMEDIAN 401K BALANCE
65+$255,151$82,297
5 more rows
7 Sept 2022

How much do I need in retirement to make 50000 a year? ›

Using the 4% retirement rule as a starting point, if you want $50,000 per year in retirement by age 65, you will need $1.25 million saved up.

Can you retire 1.5 million comfortably? ›

If a couple has $1.5 million in retirement funds, they can take out $60,000 per year. Added to their Social Security ($2,739 per month or $32,868 per year) and pensions, these sums can provide them with enough income to live comfortably.

Can a couple retire at 65 with 500k? ›

The short answer is yes—$500,000 is sufficient for many retirees. The question is how that will work out for you. With an income source like Social Security, relatively low spending, and a bit of good luck, this is feasible.

What percentage of retirees have a million dollars? ›

In fact, statistically, around 10% of retirees have $1 million or more in savings. The majority of retirees, however, have far less saved. If you're looking to be in the minority but aren't sure how to get started on that savings goal, consider working with a financial advisor.

How much can I withdraw when I retire? ›

It's relatively simple: You add up all of your investments, and withdraw 4% of that total during your first year of retirement. In subsequent years, you adjust the dollar amount you withdraw to account for inflation.

How much can I withdraw from my retirement account after 65? ›

Members turning age 65 from 2023 onwards can withdraw up to 20% of their RA savings as at age 65, in a lump sum.

Can you transfer retirement funds to bank account? ›

Once you have attained 59 ½, you can transfer funds from a 401(k) to your bank account without paying the 10% penalty. However, you must still pay income on the withdrawn amount. If you have already retired, you can elect to receive monthly or periodic transfers to your bank account to help pay your living costs.

What is a good sum of money to retire with? ›

Many experts maintain that retirement income should be about 80% of a couple's final pre-retirement annual earnings. Fidelity Investments recommends that you should save 10 times your annual income by age 67.

How much money should a 70 year old have to retire? ›

Retirement experts have offered various rules of thumb about how much you need to save: somewhere near $1 million, 80% to 90% of your annual pre-retirement income, 12 times your pre-retirement salary.

How much money does the average 70 year old have in savings? ›

According to data from the Federal Reserve's most recent Survey of Consumer Finances, the average 65 to 74-year-old has a little over $426,000 saved. That's money that's specifically set aside in retirement accounts, including 401(k) plans and IRAs.

What is the average Social Security check? ›

For those who are collecting Social Security at age 65, the average payment in 2022 is about $2,484 a month, according to the Social Security Administration. That's based on the agency's estimate that the average annual benefit is $29,806 for Social Security recipients who are age 65.

How long will 500k last me in retirement? ›

The basic idea is that if you retire with $500,000 in assets, you should be able to withdraw $20,000 per year for 30 years (or longer).

What is the best month to retire in 2022? ›

December 31st is always a popular retirement date, but this year, 2022, it's especially popular – because this year December 31st is also the last day of a pay-period, and last day of the month, and the last day of the leave year – a trifecta!

How much Social Security will I get if I make $100000.00 a year? ›

Will Social Security be enough? Based on our calculation of a $2,790 Social Security benefit, this means that someone who averages a $100,000 salary throughout their career can expect Social Security to provide $33,480 in annual income if they claim at full retirement age.

How much Social Security will I get if I make $120000 a year? ›

If you make $120,000, here's your calculated monthly benefit

Assuming that you earn an inflation-adjusted $120,000 for at least 35 years, and that the maximum taxable Social Security wage base is $120,000 or higher during these years, this would translate to a lifetime monthly average of $10,000.

How much Social Security will I get if I average 100000 a year? ›

If your highest 35 years of indexed earnings averaged out to $100,000, your AIME would be roughly $8,333. If you add all three of these numbers together, you would arrive at a PIA of $2,893.11, which equates to about $34,717.32 of Social Security benefits per year at full retirement age.

How much money does the average American retire with? ›

On average, Americans have around $141,542 saved up for retirement, according to the "How America Saves 2022" report compiled by Vanguard, an investment firm that represents more than 30 million investors.

What is the best thing to do with your 401k when you retire? ›

Here are 4 choices to consider.
  • Keep your 401(k) with your former employer. Most companies—but not all—allow you to keep your retirement savings in their plans after you leave. ...
  • Roll over the money into an IRA. ...
  • Roll over your 401(k) into a new employer's plan. ...
  • Cash out.
12 Sept 2022

What is a good 401k balance by age? ›

Fidelity Average 401(k) Balances by Age
AgeAverage 401k BalanceMedian 401k Balance
20-29$14,600$4,500
30-39$51,200$18,400
40-49$120,200$37,600
50-59$206,100$62,700
1 Jul 2022

Is $70000 a good retirement income? ›

Some experts recommend that you save at least 70 – 80% of your preretirement income. This means if you earned $100,000 year before retiring, you should plan on spending $70,000 – $80,000 a year in retirement.

How much do I need to retire on $80000 a year? ›

Using the default assumptions built into the Moneysmart Retirement Calculator – and assuming you are single, will retire at age 65, want the funds to last until age 90, and require an annual income of $80,000 (indexed up each year for inflation) – then you need approximately $1,550,000 by retirement to live on an ...

How much does the average 55 year old have in retirement? ›

Suggested savings: The general guidelines recommend having eight times your annual salary saved by 60. The median income for a 55-year-old is about $57,500, which means having $460,000 saved for retirement. Average savings: The average savings for those 55-65 is $197,322, and the average for those over 65 is $216,720.

Can I live off interest on a million dollars? ›

The Stock Market

The historical S&P average annualized returns have been 9.2%. So investing $1,000,000 in the stock market will get you the equivalent of $96,352 in interest in a year. This is enough to live on for most people.

At what age is a million dollars enough to retire? ›

A recent study determined that a $1 million retirement nest egg will last about 19 years on average. Based on this, if you retire at age 65 and live until you turn 84, $1 million will be enough retirement savings for you.

Is 1. 2 million dollars enough to retire? ›

If you're looking for a single number to be your retirement nest egg goal, there are guidelines to help you set one. Some advisors recommend saving 12 times your annual salary. Under this rule, a 66-year-old $100,000 earner would need $1.2 million at retirement.

How long will $600000 last retirement? ›

You expect to withdraw 4% each year, starting with a $24,000 withdrawal in Year One. Your money earns a 5% annual rate of return while inflation stays at 2.9%. Based on those numbers, $600,000 would be enough to last you 30 years in retirement.

How much does the average person need to retire? ›

Financial planners often recommend replacing about 80% of your pre-retirement income to sustain the same lifestyle after you retire. This means that, if you earn $100,000 per year, you'd aim for at least $80,000 of income (in today's dollars) in retirement.

How much should a couple retire comfortably? ›

Retirement Savings Benchmarks for Married Couples

Financial experts say that a couple aged 60 with a dual income of $75,000 per year should have seven times their household income in their retirement account. This multiplies to a total of $525,000 saved.

How much interest does 1 million dollars earn a month? ›

High-Interest Savings Accounts

As an example, Chime Bank offers a high-interest savings account with an APY of 0.50%, as of February 3rd 2021. That would translate into $5,000 of interest on one million dollars after a year of monthly compounding. The 10-year earnings would be $51,140.13.

What percentage of Americans have a net worth of over $1000000? ›

8.8 % of U.S. adults are millionaires. 33% of U.S. millionaires are women. Having $1 million puts you in the top 10% of wealth in the U.S. There are about 62.5 million millionaires globally, a 11.4% increase from 2020.

Do millionaires get Social Security? ›

Although to some degree it might seem as if billionaires and millionaires in the U.S. shouldn't be collecting Social Security, the truth is there is no law against it, and mathematically it makes sense. Social Security isn't simply a welfare program, with money handed out to anyone who asks.

Is it smart to cash out your retirement? ›

The truth is that dipping into your 401(k) early—or cashing it out altogether—is going to cost you more than you might imagine. Not only are you going to get hit with taxes and withdrawal penalties, but you'll also miss out on the long-term benefit of compound growth.

What is the 5% rule for retirement? ›

As an estimate, aim to withdraw no more than 4% to 5% of your savings in the first year of retirement, then adjust that amount every year for inflation.

How much cash do I need in the bank to retire? ›

The Final Multiple: 10-12 times your annual income at retirement age. If you plan to retire at 67, for instance, and your income is $150,000 per year, then you should have between $1.5 and $1.8 million set aside for retirement.

At what age can you and I withdraw Social Security for retirement purposes without penalty? ›

You can start receiving your Social Security retirement benefits as early as age 62. However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase.

How much money do you need in the bank to retire at 60? ›

How much retirement should I have at 60? A general rule for retirement savings by age 60 is to aim to have about seven to eight times your current salary saved up. This means someone earning $75,000 a year would ideally have between $525,000 to $600,000 in retirement savings at that age.

At what age can you use your retirement account money without taking a penalty? ›

The IRS dictates you can withdraw funds from your 401(k) account without penalty only after you reach age 59½, become permanently disabled, or are otherwise unable to work.

Where should I put my retirement money after I retire? ›

The safest place to put your retirement funds is in low-risk investments and savings options with guaranteed growth. Low-risk investments and savings options include fixed annuities, savings accounts, CDs, treasury securities, and money market accounts. Of these, fixed annuities usually provide the best interest rates.

Can I take all my money out of my 401k when I retire? ›

Can I Take All My Money Out of My 401(k) When I Retire? You are free to empty your 401(k) as soon as you reach age 59½—or 55, in some cases. It's also possible to cash out before, although doing so would trigger a 10% early withdrawal penalty.

Can I pull my retirement money out whenever I want? ›

Yes, you can withdraw money from your 401k before age 59 ½. However, early withdrawals often come with hefty penalties and tax consequences. If you find yourself needing to tap into your retirement funds early, here are rules to be aware of and options to consider.

What is a realistic retirement income? ›

To figure out how much income you'll need in retirement, take your estimated monthly expenses (be sure it's realistic) and divide that number by 4%. So, if you estimate you'll need $50,000 a year to live comfortably, you'll need $1.25 million ($50,000 ÷ 0.04) going into retirement.

What is a good amount of money to retire at 60? ›

How much retirement should I have at 60? A general rule for retirement savings by age 60 is to aim to have about seven to eight times your current salary saved up. This means someone earning $75,000 a year would ideally have between $525,000 to $600,000 in retirement savings at that age.

Is 400 a month good for retirement? ›

In fact, if you sock away $400 a month over a 43-year period, and your invested savings generate an average annual 10.5% return, then you'll end up with $3.3 million. And that should be enough money to enjoy retirement to the fullest.

What is the average retirement income in 2022? ›

Average Household Retirement Income 2022:

Mean Income – $71,446 (down from $84,153 in 2019)

How much should you have in the bank to retire at 65? ›

Retirement experts have offered various rules of thumb about how much you need to save: somewhere near $1 million, 80% to 90% of your annual pre-retirement income, 12 times your pre-retirement salary.

How much does the average American have saved for retirement at age 62? ›

On average, Americans have around $141,542 saved up for retirement, according to the "How America Saves 2022" report compiled by Vanguard, an investment firm that represents more than 30 million investors. However, most people likely have much less: The median 401(k) balance is just $35,345.

What is the average monthly retirement income in America? ›

In 2021, the average monthly retirement income from Social Security was $1,543. In 2022, the average monthly retirement income from Social Security is expected to be $1,657. Keep in mind, though, that your Social Security benefits could be smaller.

Why retiring at 62 is a good idea? ›

Probably the biggest indicator that it's really ok to retire early is that your debts are paid off, or they're very close to it. Debt-free living, financial freedom, or whichever way you choose to refer it, means you've fulfilled all or most of your obligations, and you'll be under much less strain in the years ahead.

How much should I have in my 401k at 60? ›

By age 50, you should have six times your salary in an account. By age 60, you should have eight times your salary working for you. By age 67, your total savings total goal is 10 times the amount of your current annual salary. So, for example, if you're earning $75,000 per year, you should have $750,000 saved.

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