CAN I RETIRE? Calculator Help Online here... to help you answer this important question.
There are oodles of calculators on thousands of websites out there... here are a few that I think are relatively easy to understand and use.
A financial planner can help you determine when enough is enough.... many will offer a free consultation and and a free review of your savings and assets.
It is well worth a few hours with several planners to see if they agree with your savings status or whether they have completely differing ideas -- and then it's up to you to decide which makes sense to you.
Some financial planners are "fee only" planners. They can review your retirement income and investments and provide their advice. Others will do the investing for you and earn a commission from where your funds are invested.
The important thing with financial planners -- just like your family doctor, attorney who wrote up your will, and others -- personality matters. Can you see yourself working with this person? Do their values align with yours? Do they talk down to you? Can you easily understand their explanations?
You may become even more confused the more you look at these
There are so many ways to interpret data -- and so many different lifestyles on how the retirement savings will be used.
Remember -- every retiree has their own vision of Retirement. Some folks will travel to Europe annually for the first few years. Others will start a home business. Both retirees will use retirement savings early in retirement. Others will move slowly into retirement, trying to determine who they are and what they want to do with this new retirement adventure.
There are no easy answers on when enough is enough -- it depends on your savings, investments, expenses, and mostly, how you spend your savings in retirement.
You Don't Need a MILLION DOLLARS to retire. It all depends on your lifestyle, your income, savings and what you intend to do after you retire -- many retirees still work part-time.
Every financial advisor has their own calculators and many have online versions. TIAA, Capital One, Vanguard, Edward Jones, Schwab, Bloomberg -- all have them. You can look at your favorite money manager or click on any of the options below.