|Chesapeake Financial Planning & Tax Svcs|
Elizabeth Bennett, MBA,CFP®
71 Old Mill Bottom Road
Annapolis, MD 21409
|Saving for Retirement: Contributions Needed Calculator
|Saving for Retirement: Contributions Needed Calculator|
Are your savings on track? Should you increase the amount that you're contributing to your retirement plan? Use this
calculator to estimate how much you should be contributing, based on your retirement income goal.
This calculator estimates income needed in retirement as a percentage (e.g., 70%) of salary—or, if specified, as a
percentage of a targeted income amount--which can be adjusted for inflation. The calculator does not model distributions
required from retirement accounts for income tax purposes.
Anticipated and suggested additional contributions and distributions are assumed to be made at the end of each period
(i.e., 1 week, 2 weeks, 1 month, 3 months, 6 months, or 1 year). There are assumed to be 365/7 weekly and 365/14 biweekly periods in a year.
This calculator does not take into account the effect of federal or state taxes, or any investment fees or expenses.
This calculator does not take into account the contribution limits that apply to retirement plans.
This calculator assumes that no withdrawals are made from the investment portfolio during the accumulation period.
This is a hypothetical example, intended for illustration purposes only; it does not reflect the performance of any specific investment or portfolio.
|*Securities offered through SagePoint Financial Inc., member FINRA/SIPC. Advisory, insurance and tax services offered through Chesapeake Financial Planning & Tax Services, Inc. a registered investment advisor not affiliated with SagePoint Financial, Inc.
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Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances.
To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances. These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.
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