How Much Should I Save? | Women’s Retirement Savings Tool

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At Women Financial Power, our goal is to help every individual create a stream of income and a legacy. Our platform tells you all the things no one else tells you about. let you in on the things no one tells you about.

How do we calculate your monthly savings

Calculations are based on the 15% rule. The recommended amount to save by experts is 15 percent of your income. Saving 15% of your income each year, including any contributions from your employer, is a suitable savings goal for many individuals. The amount you should aim to save can differ based on several factors. These include when you want to retire, the lifestyle you envision for retirement, when you began saving, and how much you've already saved.

How much of my pre retirement income will I need after I retire

Another common rule for retirement planning suggests you'll need about 80 percent of your pre-retirement income to maintain your lifestyle in retirement. This guideline helps adjust your lifestyle for financial comfort in retirement

How will social security help

Your Social Security retirement benefit (OASDI) is a monthly payment designed to replace a portion of your income when you decide to cut back on work or retire. Knowing your Social Security retirement benefit is a important step in retirement planning. While you can start at 62, waiting until 70 substantially boosts your monthly benefit.

All numbers are generated based of estimates