ING has been advertising their retirement calculator a lot lately so I thought I would give it a try. The calculator is pretty simple. It just asks six questions:
How old are you?
Are you married?
What’s your current household income?
At what age do you plan to retire?
How much annual income will you need during retirement?
Provide income through what age?
Once you put in your answers to these it will give you a number. I wouldn’t put too much faith in that number though. Especially since your answers to the last two questions require some figuring on their own. If you are more than a few years away from retirement it can be difficult to determine how much income you will need during retirement. It is also hard to know how long you will need income. My suggestion is to plan to need income forever.
The calculator can at least give you a starting point. Check out the ING retirement calculator for yourself. If you would like to open an account with ING just click on the following affiliate link.