If you have questions regarding your particular situation, please contact your legal or tax advisor.Īsset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets. This material should be regarded as (general or educational) information on Social Security considerations and is not intended to provide specific Social Security advice. There is always the potential of losing money when you invest in securities.
"Best savers and investors" refers to those whose Net Wealth to Income Ratio is in the top quintile. They typically go down in retirement because mortgages are paid off, property taxes are less due to downsizing, and utility bills are lower with fewer people in the household.įootnote 3 This number refers to financial assets minus personal (non-mortgage) debt.
With the calculator, you can see how potential adjustments to your savings goal, retirement date and investment choices can affect the size of your retirement savings in the future.īut even if this checkpoint shows that you're behind where you might be, don't get discouraged by the big numbers you may see, advises Storey.įootnote 1 Based on estimates from the Health and Retirement study (HRS) and the Consumption Activities and Mail Survey (CAMS) in EBRI notes.įootnote 2 Note: Housing costs include mortgage or rent payments, property insurance, property taxes, utilities and maintenance. The Merrill Personal Retirement Calculator lets you view a projection of your savings to see if there is a gap between what you'll have and what you'll need when you finally retire and helps you adjust your strategy accordingly. To see where you are and what you can change to stay on track for the future:.Thus, to keep up with the "best savers and investors" in her peer salary group, she would need to have saved $98,000 ($70,000 x 1.4) so far.
For example, if 35-year-old Jane, who earns $70,000 a year, wants to see how her savings measure up to the best savers in her age group, she would just multiply her current salary by 1.4 and compare that with her current savings.
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