Retiring so soon?

Almost everyone has concerns about retirement. How much money will I need? How much do I need to save? How much will inflation affect the price of denture cream? We can't answer those questions, but we may be able to help figure out how much you will get if you know how much you have currently, how much time you have left and how much you can contribute.

One of our members just accepted a new job (yay!). As a result, they are working on a new budget to figure out how much money they can put into retirement, short-term savings and spending accounts. They started plugging numbers into a spreadsheet and offered it up to anyone else trying to figure out how much they need to put away for retirement. The calculations are all listed on the side of the spreadsheet, along with a section for roth accounts. The roth accounts are special because they will not be taxed as income in retirement.

Make a copy of it for yourself and enjoy. Enter in your current funds as well as your predicted interest rates, yearly contributions and years till retirement and the spreadsheet will do the rest! Oh right, you can access the spreadsheet as a Google doc here.