Put a good retirement savings plan in placeThe starting point for any retirement planning is an understanding of what your retirement needs will be so you have a target and can put together a strong savings plan. Defining your retirement needs requires that you have a retirement age in mind and a basic understanding of what your spending needs will be. A simple approach for defining your retirement needs is based on using a percentage of your current income, adjusted for inflation between now and when you retire. You might also want to consider how your salary will change based on merit or cost of living increases. Your retirement savings plan will follow, driven largely by what you've saved to date and what you can save going forward each month. Don't forget to factor in any pensions or social security payments that you'll be entitled to receive during retirement.
Disclaimer: The accuracy of these calculators and applicability to your circumstances is not guaranteed. Calculators are not a guarantee of credit. Results should be discussed with a qualified professional before any product purchases or loan commitments are made.
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