When Should I Start Saving for Retirement? (Calculator)

Published on Nov 01, 2015 02:09 am

When is it too late to start saving for retirement? When is it too early? The answer to both questions is — never! However, the sooner you begin saving for retirement, the bigger you can grow your nest egg by the time you retire. Use our Retirement Timing Calculator to get an idea of how much more you could save if you begin today, instead of waiting for the ‘right time.’

When Should I Start Saving for Retirement? Calculator Definitions

  • Anticipated retirement age — How old do you want to be when you retire? Will you retire early, or wait until you reach your full retirement age (the age at which the Social Security Administration will begin paying you the highest amount for which you are eligible)? The age at which you retire will affect how much you need to save for retirement, and how much Social Security you can expect to receive.
  • Annual savings amount — How much are you saving toward retirement each year?
  • Annual savings increase — In addition to the principle that you add to your retirement accounts each year, this amount should include accrued interest from savings and investments.
  • Marginal tax bracket — The tax bracket you currently fall into based on your annual gross income and IRS tax rate schedules.

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    This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.
    Published by permission from ConsumerInfo.com, Inc., an Experian company. © 2015 ConsumerInfo.com, Inc. All rights reserved.

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