Savings Fitness: A Guide To Your Money and Your Financial Future by U.S. Department of Labor. - HTML preview

Step 2.

1. Income goal for the first year of retirement (from Step 1 line 6) 2. Number of years in retirement

3. Projected income factor

4. Savings needed at retirement (multiply line 1 X line 3)

PROJECTED INCOME FACTORS

(by number of years spent in retirement)

20

25

30

35

40

14.2649

16.4305

18.2204

19.6999

20.9228

If, for example, you are planning for 30 years in retirement, multiply the result from Step 1 by the projected income factor for 30 years in retirement.