There are online calculators you can use or you can go to a financial planner for this.
A retirement projection will account for your age, your rate of saving for retirement, your current investments, and what your expected expenses in retirement are. It will help you understand whether you’re on track to be financially ready for retirement and at what age.
The retirement calculator create your retirement plan. It sees your retirement savings balance and calculate your withdrawals for each year. Social security is calculated on a sliding scale based on your income.
Retirement planning is a multistep process that evolves over time. To have a comfortable, secure, and fun retirement, you need to build the financial cushion that will fund it all. The fun part is why it makes sense to pay attention to the serious and perhaps boring part: planning how you’ll get there.
Planning for retirement starts with thinking about your retirement goals and how long you have to meet them. Then you need to look at the types of retirement accounts that can help you raise the money to fund your future. As you save that money, you have to invest it to enable it to grow. The surprise last part is taxes: If you’ve received tax deductions over the years for the money you’ve contributed to your retirement accounts, a significant tax bill awaits when you start withdrawing those savings.