“Millions of young people working usually never save for retirement thinking that it’s really not yet needed since they’re still young. Before they know it, years have passed by and they haven’t set aside anything at all which results to a serious problem as they near retirement. In most cases,the path to retirement is not really complicated as long as you make a plan and commit to that plan. In coming up with a retirement plan, tools such as cnn money retirement calculator would come handy so you keep track of your retirement goals.
The Cnn money retirement calculator is actually simple to use. One does not need to be a math or financial wizard to make computations for retirement. The only data you have to input are some real figures so the cnn money retirement calculator can come up with appropriate projections.
The cnn money retirement calculator has three sections. The first part requires basic data such as your age and annual income.This helps the cnn money retirement calculator project how many years you still have to work so you can have a fruitful retirement.
The second part that must be accomplished requires the retirement age and goal for retirement. Some people want to have an early retirement and stop working by 60 years old so they need to save some large amount. Likewise, aiming for a retirement package that compares with your monthly income adds more pressure and increases the savings needed.
The third part of the cnn money retirement calculator is concerned with making projections. This is quite hypothethical since you have to input life expectancy which is really difficult to predict. It would be better to over predict in case you reach your 90s.This somehow guarantees that you would not lack funds during retirement in case you have a long life and get sickly. The amount expected for annual pension and social security must also be written so the cnn money retirement calculator can come up with a close estimate. After all data have been given,the calculator would reveal how much money you have to set aside for retirement.
Do take note of the fact that this is just an estimate and other important factors such as inflation is not yet considered. Having said that, it is better to have a direction rather than be at a loss at how much you have to set aside for retirement.”