6 views Your Information Current age? Retirement age? Annual household income? $ Needed retirement income? % Retirement Assets Current retirement assets? $ Monthly savings? $ Monthly pension? $ Monthly Social Security? $ Assumptions Life expectancy? Annual salary increase? % Inflation rate? % Rate of return? % Printer-friendly version Retirement Savings Summary Planned Savings Required Savings Chart Table Planned vs Required Retirement Savings Planned Savings Required Savings Total Assets Total Pension Total Social Security Total Savings Email Results First Name Last Name Email Address Phone Number Submit Saving for retirement can be a challenging task. The starting point for any retirement planning is an understanding of what your retirement needs will be. Once you have done that, you will have a target to aim at and be able to put together a savings plan that will get you there. Defining your retirement need requires that you have a retirement age in mind and a basic understanding of what your spending needs will be during your retirement years. A simple approach for defining your retirement needs is based on using a percentage of your current income, adjusted for inflation between now and when you retire. You might also want to consider how your salary will change based on merit or cost of living increases. Your retirement savings plan will follow; driven primarily by what you have saved to date and what you can save going forward each month. Don't forget to factor in any pensions or social security payments that you will be entitled to receive during retirement.