Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
Wednesday, January 27, 2016
Can I Trust Retirement Savings Calculators?
Q: All the online calculators say I’m saving enough for retirement, but how accurate are they? I am 30, contribute 8% of my $75,000 salary to my Roth 401(k). My employer matches 4% and throws in a bonus of another 2% on top. — Dave from Philadelphia
A: Retirement calculators — such as those offered by Bankrate.com,Charles Schwab, or T. Rowe Price— are great for getting a handle on how much you need to save for retirement. But they are only as accurate as the information you supply and the assumptions you make about your future income and savings, when you’ll retire, and the type of retirement you’re hoping for.
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