Calculator Tutorial - How Long Will Your Savings/Retirement Last?
Enter the total balance for Savings & Retirement Accounts:
Acceptable Saving Accounts: checking account, savings accounts, CDs, and personal brokerage accounts.
Acceptable Retirement Accounts: Roth IRA, 401k, Rollover IRA, SEP IRA and any other retirement accounts.
Enter Your Monthly Spend:
We recommend using your current monthly spend, if you're not sure try using our online budget calculator to estimate what you're currently spending.
After clicking on the update button, you'll be able to see in Days, Months, and Years how long you'll be able to live off your savings and retirement accounts.
How Much Do You Need In Savings?
We recommend having enough in savings to cover at least 6 months worth of your expenses. This should provide you with a cushion in case of job loss or a unexpected expense. With that being said, for those of you who have a considerable amount of high interest rate debt, this may not be the best option for you.
What Should I Do If I Have A Considerable Amount of High Interest Rate Debt?
For those individuals with a high interest rate (above 10% APR) you should focus on paying off that debt off before you build your up your savings.