Retirement Lifestyle & Expense Calculator

How to Plan for Your Retirement Lifestyle

Retirement planning is more than just saving money—it's about creating a vision for your future and building a financial strategy to support that vision. Our Retirement Lifestyle & Expense Calculator helps you understand what it will take to fund the retirement you desire.

Understanding Retirement Expenses

When planning for retirement, it's essential to consider all potential expenses you might face. These typically include:

• Housing: Mortgage or rent, property taxes, insurance, maintenance, and repairs
• Healthcare: Medicare premiums, supplemental insurance, out-of-pocket costs, and long-term care
• Daily Living: Food, utilities, transportation, and personal care
• Lifestyle: Travel, entertainment, hobbies, and dining out
• Taxes: Income tax on withdrawals from traditional retirement accounts

The 4% Rule and Sustainable Withdrawals

One common retirement planning strategy is the 4% rule, which suggests that you can withdraw 4% of your retirement savings in your first year of retirement, then adjust that amount for inflation each subsequent year. This approach is designed to make your savings last for 30 years.

Social Security and Other Income Sources

For most Americans, Social Security will be a significant source of retirement income. The age at which you choose to start receiving benefits will impact your monthly payment. Other income sources may include pensions, part-time work, rental income, or annuities.

Creating Your Retirement Income Plan

A comprehensive retirement income plan considers all potential income sources and matches them against your expected expenses. Our calculator helps you visualize this balance and identify any potential shortfalls so you can adjust your savings strategy while there's still time.

Adjusting Your Plan Over Time

Retirement planning isn't a one-time event. Your plan should be reviewed annually or whenever your circumstances change significantly. Market conditions, health changes, and lifestyle adjustments may all require modifications to your retirement strategy.