This tool is available for all age ranges, and provides visual targeting graphs as sliders are moved back and forth. However, since Social Security payouts are estimated and may change significantly before Gen X meets retirement age, and investment returns are hypothetical and not based on state of the economy, the total retirement income may not be accurate. Using the Vanguard Retirement Calculator, a 38-year-old woman with a current salary of $140,000 per year, $100,000 in an interest-bearing retirement account with an 8 percent annual return, saving 14% of an annual salary, and receiving $2870 per month in social security, would have a total of $8,335 per month in retirement benefits. According to the calculator, this individual would need approximately $8,167 to equal 70 percent of her current income in retirement. If all the data inputs remain the same, with the exception of moving the retirement age to 62, she would be short approximately
This tool is available for all age ranges, and provides visual targeting graphs as sliders are moved back and forth. However, since Social Security payouts are estimated and may change significantly before Gen X meets retirement age, and investment returns are hypothetical and not based on state of the economy, the total retirement income may not be accurate. Using the Vanguard Retirement Calculator, a 38-year-old woman with a current salary of $140,000 per year, $100,000 in an interest-bearing retirement account with an 8 percent annual return, saving 14% of an annual salary, and receiving $2870 per month in social security, would have a total of $8,335 per month in retirement benefits. According to the calculator, this individual would need approximately $8,167 to equal 70 percent of her current income in retirement. If all the data inputs remain the same, with the exception of moving the retirement age to 62, she would be short approximately