How to determine retirement income

How to determine retirement income - There are dozens to choose from, but here are three good ones to try before sitting down with any adviser:What it does: a relatively new entrant, the tool offered by the investment firm  uses current interest rates, inflation and other real-time data to come up with a daily index that, matched to your age and current retirement plan balance, projects a potential annual income. You can include information about supplemental retirement income (such as a pension or social security), consider how long you intend to work and think about your expected lifestyle as a retiree. Figure out how much you will save by the time you retire, we first estimate your future income by growing your current income at a rate of 3. We then factor in social security by subtracting your estimated benefits (more on that below) since that income will reduce the amount you will need to save.

What is the Amount of Income you Need During Retirement?

Jack Dugan, CFP® and Senior Investment Advisor for Pure Financial shares how to calculate how much money you need when ...