Maximize Your Retirement Savings with This Calculator

Retirement planning requires thinking ahead and being flexible. Check these five items off your savings to-do list to get started. First, determine how much income you will need in retirement. Consider factors such as living expenses, healthcare costs, and any desired travel or leisure activities. Next, assess your current savings and investments to see how they align with your retirement goals. Make adjustments as needed to ensure you are on track to meet your financial needs in retirement.

Financial experts all agree: The sooner you start saving, the better. Retirement savings accounts offer long-term wealth-building features that can help secure your financial future. Use online retirement calculators as a starting point only. Increasing your retirement plan contributions year after year can help boost your savings and maximize your investment potential. Aim to save at least 15% of your income each year to ensure a comfortable retirement.

Saving for retirement is an important long-term goal that often requires adjustments throughout your life. Find out if you're on track or if you need to make changes to your savings strategy. Try your calculations with monthly and annual contributions and without them. This savings calculator includes an example rate of return to help you estimate your future retirement savings.

Are you planning to retire in the Bay Area? Just thinking about saving for the “golden years” can be stressful, but if you're planning to retire in a high-cost area like the Bay Area, it's even more important to start saving early and maximize your retirement savings. Consider factors such as housing costs, healthcare expenses, and lifestyle choices when calculating your retirement savings goal.

Should you fund your retirement even after you retire? The idea may seem counterintuitive, but for retirees still working part time or receiving income from investments, continuing to save for retirement can help ensure financial security in your later years. Experts recommend saving 10% to 15% of your income each year, but you can calculate a more personalized goal in four simple steps using a retirement savings calculator.

Have a question about your own retirement savings? Email us at HelpMeRetire@marketwatch.com for personalized advice and guidance on maximizing your retirement savings. Our team of financial experts is here to help you make informed decisions about your retirement planning. Remember, it's never too early to start saving for retirement, and the sooner you begin, the more time your investments have to grow and compound.