You can use this online calculator to create your retirement plan. With this calculator, you can view your retirement savings balance and your withdrawals for each year until the end of your retirement. Social Security is calculated on a sliding scale based on your income.
Key inputs needed from you are:
- Current age
- Retirement age
- Annual household income
- Current retirement savings
- Annual retirement savings
- Desired retirement annual income
- Years in retirement
Based on your input, the calculator will tell you how much will be your balance at the end of your retirement.