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The answer to how much do I need to retire is: It depends. It depends on how early you retire, how long you will live, how much you intend to spend in retirement, your rate of return on investments, inflation rates, retirement income sources and hundreds of other factors.
More than a simple retirement calculator, the NewRetirement Retirement Planner is the most comprehensive tool online. It can help you get to a reliable number for how much you will actually need and enable you to stay on track to a secure future.
Your retirement savings can last your lifetime or just a day. It all depends on how much you withdraw and when. And, if you don’t blow it all at once, there are additional variables like investment returns and inflation that will impact how long your money lasts.
To stretch your savings over your lifetime, you will want to plan a withdrawals strategy. It is also useful to track and manage a comprehensive retirement plan with a tool like the NewRetirement Retirement Planner.
There are many factors to consider when figuring out when to retire -- the emotional, social and intellectual concerns are actually as important as the financial. You should retire when you no longer require income from a job and when you have a plan for your time that is meaningful to you.
You want to be sure you can support yourself financially. However, you also want to be retiring to something, not just away from a job.
Financial independence is another word for retirement, assuming that retirement means that you no longer require income from work to support yourself.
FIRE (Financial Independence Retirement Early) is a movement around living efficiently and achieving financial independence — essentially another word for retirement. Adherents live frugally and save as much as possible so they can gain more control over their lives.
How much retirement income you need depends on how much you intend to spend and that can vary a lot over the 20-40 years you are retired. Developing a detailed budget for your future expenses can help you determine your retirement income needs, investment and withdrawals strategies and tax planning to reduce taxable expenses and figure out how to reduce taxable income. The NewRetirement Retirement Planner can help you with these activities.
Put simply, net worth is everything you own minus everything that you owe. The typical American’s net worth at age 65 is $194,226. However, a big part of that number — almost three quarters of it — is home equity. If you exclude home ownership, the average net worth is only $43,921. That is probably not quite enough for a comfortable retirement. Compare your net worth to the average net worth plus the average savings, home equity and other metrics.)
Plus, get a more accurate measure of your current and future net worth with the NewRetirement Retirement Planner. It is a comprehensive and easy to use tool that offers very personalized and reliable results.
From figuring out how early you can retire to planning your estate and everything in between, NewRetirement can help you be wealthier and more financially secure.
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NewRetirement was founded by financial and technology experts who discovered that their own parents — professionals who hadn’t saved quite enough — needed help figuring out how to retire. There were no trustworthy and affordable resources that addressed anything beyond investments.
Now NewRetirement helps hundreds of thousands of people every month to develop detailed DIY retirement plans and discover ways to be wealthier, more secure and feel more confident and happier about their future.