A retirement calculator is a tool that helps you estimate how much you need to save for retirement and how much you can expect to receive in retirement income. These calculators can take into account factors such as your current savings, expected Social Security benefits, and projected retirement expenses.
To use a retirement calculator, you typically input information such as your current age, retirement age, current salary, current savings and retirement goals, and it will provide an estimate of how much you need to save each month to reach your retirement goals.
Retirement calculators can also help you to estimate the income you can expect to receive from various sources, such as Social Security, pensions, and investments.
It’s important to note that the results provided by a retirement calculator are estimates and not a guarantee of future performance. It’s always best to consult a financial advisor to help you create a personalized retirement plan.