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Project your retirement savings based on current balance, contributions, and expected returns.
Nest Egg = P(1+r)^n + PMT[(1+r)^n - 1]/r
P = current savings, r = monthly return, n = months to retirement, PMT = monthly contribution
A common rule of thumb is to save 25x your annual expenses (the '4% rule'). If you spend $60,000/year, you need approximately $1.5 million to retire.
The 4% rule suggests you can withdraw 4% of your portfolio annually in retirement without running out of money for 30 years. It's based on historical stock market returns.
The earlier the better. Starting at 25 instead of 35 can more than double your retirement savings due to compound interest. Even small amounts early beat large amounts later.
Aim to save 15% of your gross income for retirement, including any employer match. At minimum, contribute enough to get the full employer 401(k) match — it's free money.
Historical US stock market returns average 7-10% annually. For conservative planning, use 6-7% to account for inflation and fees. Never assume returns above 10%.