According to a study, the probability of living at least 20 years after retiring at the age of 62 has increased dramatically; it is 64% for men and 75% for women. For this reason, retirement planning is enormously important, and the sooner you begin planning and saving for your superannuation, the more secure and comfortable retired life will you lead.
How much money do I need to retire?
It is unusually difficult to determine how much money you would need to retire gracefully. You would have to take into consideration a number of factors like inflation, life expectancy, medical expenses, and so forth. All these aspects tend to make the calculations utterly complicated. How Old Am I A retirement age calculator can help you to ascertain the exact amount of money you would actually need in the future when your sources of income would be limited.
What kind of help can a retirement age calculator provide?
With the help of an efficient retirement age calculator, you can easily find an answer for two important questions viz. what kind of benefits do the social security program provide, and what is the right age to stop working and begin taking advantage of these benefits. A good calculator would help you to evaluate the social security benefits in three different retirement age scenarios, before the age of 62, at the age of 62 or after the age of62.
A proficient retirement age calculator would help you to decipher the various kinds of guaranteed sources of income, like pension income, rental income and other kinds of annuity incomes. With its help you can also calculate the total amount of money your investments would generate in the future. Moreover, it would also help you to accurately calculate your expenses and liabilities.
Once you know everything about your retirement income and expenses, it becomes relatively easy for you to plan and save properly for your superannuation.