A. The following tool could help you quickly estimate the amount of lifetime savings (by your desired retirement age) and expenditures.
Your lifetime savings amount depends on the following important factors:
- Your current age: the earlier you start saving, the better
- Your current savings: the higher the better
- Your desired retirement age: this is when you stop saving and start using your savings
- Your annual income: the higher the better
- Your investment return: this is the average annual investment return
- % of your annual income spent on tax, debt, and living expenses: the higher these percentages, the less you will have left for savings