401k Calculator - Chicagoland Sportbikes
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post #1 of 19 (permalink) Old 11-13-2006, 11:47 AM Thread Starter
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401k Calculator

I just moved to a new company and increased my 401k contribution because of this calculator. Its a great eye opener if you aren't doing something for retirement. Remember the rule of thumb is 25 times your current salary if you have over 25 years to retirement. I hope this helps people save more, check it out!!!

https://401k.fidelity.com/401k/tools...Calculator.htm

Be honest, keep the yearly raise amount at either 4 or 6 percent. You aren't going to average 10 percent for the next 35 years! Also keep the rate of return at 8% which is the average of the stock market since the dawn of time.

Don't forget that now is a great time to increase your 401k to the most you can do till the end of the year to lower your taxable income rate before tax time!!!

Dan

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post #2 of 19 (permalink) Old 11-13-2006, 12:40 PM
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post #3 of 19 (permalink) Old 11-13-2006, 12:54 PM
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okay, so it will give me an earnest as to how much money I will have, but what does that equal in terms of retirement capital available?

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post #4 of 19 (permalink) Old 11-13-2006, 12:55 PM
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with inflation, and retiring say 30 years from today, and I want to mirror say 80% of current dollars at retirement, how much do I need. Also, if Im 10 years from social security benefits, etc

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post #5 of 19 (permalink) Old 11-13-2006, 01:05 PM
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Fock that Dan. Invest in a trailer, truck and track bike. Do eet!

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post #6 of 19 (permalink) Old 11-13-2006, 01:52 PM
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One problem with that calc is that it only shows your 401K balance. CNN/Money has a calculator that includes IRAs and other investments in its calculations. It works better if you are using both to fund retirement.

-Mike
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post #7 of 19 (permalink) Old 11-13-2006, 02:12 PM Thread Starter
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All I was pointing out was 401k balance. A 401k is the most popular employer offered retirement account, not to mention one of the most effective. I posted the calculator to help people figure out what their 401k nest egg will approx look like. Since tax time is coming up, for some it might be a good time to up their contribution amount. Just my 2 cents.

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First rule of DT Krew is never talk about DT Krew
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post #8 of 19 (permalink) Old 11-13-2006, 02:24 PM
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I must have done it wrong. I invest about 9K to 10K into my 401k. My employer does not match anything, and I am vested from the first day. Total time in the 401K is 30 years. I did 4% return, and I think I will only have 350K at retirement. That sucks. Did I do it right?
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post #9 of 19 (permalink) Old 11-13-2006, 02:26 PM
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Quote:
Originally Posted by Dave13
I must have done it wrong. I invest about 9K to 10K into my 401k. My employer does not match anything, and I am vested from the first day. Total time in the 401K is 30 years. I did 4% return, and I think I will only have 350K at retirement. That sucks. Did I do it right?
Dave, unless you are very conservative with your investments, 4% is a very low rate of return. Also make sure you put in your current balance in the calculator.

-Mike
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post #10 of 19 (permalink) Old 11-13-2006, 02:28 PM
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Quote:
Originally Posted by ChgoRRGuy
All I was pointing out was 401k balance. A 401k is the most popular employer offered retirement account, not to mention one of the most effective. I posted the calculator to help people figure out what their 401k nest egg will approx look like. Since tax time is coming up, for some it might be a good time to up their contribution amount. Just my 2 cents.
You're right. It is a good reminder to look at these things. That calculator is good overall. Just check out the CNN one as well. It is good to check out a few of them for your overall financial picture.

-Mike
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post #11 of 19 (permalink) Old 11-13-2006, 03:28 PM
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So is there a calculator that tells you how much you will need if you retire at 60? I could crunch these numbers all day but without a target number it's hard to figure out what they should be.




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post #12 of 19 (permalink) Old 11-13-2006, 03:38 PM
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Quote:
Originally Posted by HDTony
So is there a calculator that tells you how much you will need if you retire at 60? I could crunch these numbers all day but without a target number it's hard to figure out what they should be.

This one should give you an idea: http://cgi.money.cnn.com/tools/retir...entplanner.jsp

-Mike
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post #13 of 19 (permalink) Old 11-13-2006, 03:40 PM
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so I put in a few different numbers and it says I will have $2 million in 30 years.... but what does that mean? in 30 years time will $2 million be enough to retire on? I remember I sat down with a finacial planner and he said that i would need about $2.5~$3.2 to retire before sixty. thats at future dollar figures...

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post #14 of 19 (permalink) Old 11-13-2006, 04:33 PM
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Quote:
Originally Posted by pitbull76
Dave, unless you are very conservative with your investments, 4% is a very low rate of return. Also make sure you put in your current balance in the calculator.
I just started my 401k, so I have about 8k in there. I am in a moderate agressive with Vanguard, and I put 4% in to get a conservative number. I am 34, and plan to retire at 62.5 with my 401k and my railroad retirement. Well, maybe an 18 year old redhead also.
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post #15 of 19 (permalink) Old 11-13-2006, 04:41 PM
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Been in a 401K for the last 13 years... I'm just glad they've at least up'd the tax deffered contribution amounts.

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post #16 of 19 (permalink) Old 11-13-2006, 06:31 PM
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Quote:
Originally Posted by Arch
Been in a 401K for the last 13 years... I'm just glad they've at least up'd the tax deffered contribution amounts.
+1, I put away 10% have for the last 1.5 years (BTW: Iam 25)...I just hope I live long enough to take advantage of it, if not my family will enjoy it
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post #17 of 19 (permalink) Old 11-13-2006, 06:35 PM
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If you can afford to, always put in at least as much as your employer is willing to match. Anything less and you're leaving money on the table
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post #18 of 19 (permalink) Old 11-13-2006, 08:13 PM
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This calculator only shows the investing ( saving ) side of the slope.

THere is another style of calculator that shows the spending side of the slope as well.


If I make $50K now and wish to retire @ 50K year in 2050 the adjusted
dollars would be $68K....spending $68K per year from savings over 20
years of retirement spends me to zero...... Like that kind of.


DOn't know if the put that one on the web or not.


Tom

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post #19 of 19 (permalink) Old 11-13-2006, 08:15 PM
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FACCCCK


They have one but it requires you to log in.


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