Calculator: How Long Will Retirement Savings Last

We built a simple calcultor to determine how long your retirement savings will last. Simply input your average annual expense budget and your approximate total retirement savings.

Introduction

This calculator makes it easy to understand how long your retirement savings will last. Keep in mind, this is just a simple calculator on a website. Our content is not meant to take the place of a financial advisor, retirement planner or other financial professional(s) you may need to consult in order to properly manage your finances.

This page also includes general tips for how to think about your overall retirement picture.

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Calculator: How long will my retirement savings last?

Below you can use the retirement savings calculator to determine how long your savings will last. It might be worth considering things like your dependents and inflation in an expense budget.

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Your savings will last:

How to Create a Budget for Retirement?

Well, obviously, we don't know what your calculator results are.

Whether it's only a short time horizon, or you have a nest egg that will last decades, one thing remains true for both scenarios: creating a sensible retirement budget involves evaluating your expenses and prioritizing your financial goals.

Start by tracking your current expenses to get an idea of your spending habits. This will help you identify areas where you can cut back and save more for retirement. Then, consider your financial goals and how you want to allocate your money. Make sure to include essential expenses like housing, food, and healthcare, as well as discretionary expenses for leisure activities and travel. It's also important to set aside some funds for emergencies and unexpected expenses.

Accounting for Inflation and Market Fluctuations

Inflation and market fluctuations can have a significant impact on your retirement savings. To account for inflation, it's important to factor in the rising cost of living when creating your retirement budget. Consider using conservative estimates for inflation rates to ensure your savings can sustain your lifestyle throughout retirement. Additionally, market fluctuations can affect the value of your investments. Diversifying your portfolio and regularly reviewing your investments can help mitigate the impact of market volatility on your retirement budget.

Planning for Healthcare and Long-Term Care Costs

Healthcare and long-term care costs are important considerations when crafting a retirement budget. As you age, medical expenses tend to increase, so it's crucial to plan for these costs in advance. Research different healthcare options and estimate the costs of premiums, deductibles, and out-of-pocket expenses. Additionally, consider the potential need for long-term care, such as assisted living or nursing home care. Long-term care insurance or setting aside funds specifically for these expenses can provide peace of mind and help protect your retirement savings.

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