How Much To Save
Starting Now
Now that you have a feel for your yearly retirement income need and your total retirement income goal, it's time to bring this exercise around to the bottom line. Assuming you already have some retirement savings in place, whether it's in your employer's retirement savings plan or a bank or wherever, and assuming it stays invested, let's find out how far along you are toward the goals you've just figured. The objective is to figure how much more you need to save from this day forward to reach your goals.
Once again, this requires nothing more than incredibly complex mathematical calculations. And once again, there is a handy Plan Savings calculator.