Income goal for the first year of retirement
$56,278
Number of years in retirement
30
Projected income factor
x 18.2204
Savings needed at retirement
$1,025,408
36
If you have already started saving for retirement, congratulations! Step 3 estimates how much your current retirement savings will grow by the time you plan to retire.
On line 1, enter your current retirement savings. Make sure you include all of the savings and assets you have for retirement. Next, enter the number of years until you plan to retire – use the same number you used in Step 1. Multiply your current savings by the projected value factor (from the box below the Step 3
worksheet) that you choose based on the number of years until retirement. The result is what your current savings will be worth at retirement.