The websites for the American Association of Retired Persons, or AARP and CNNMoney both offer retirement calculators that can help people determine what they need to save for retirement. The AARP's calculator, located under "Retirement Planning" in the "Work & Retirement" section, takes into conside
Determine your lifestyle needs to find out how much money to save for retirement and when retirement is possible, recommends Mitch Strohm for Bankrate. Consider how much savings is needed, at what age you plan to retire and what proportion of income you plan to use each year of retirement.
Contacting the financial institution where the funds are held is the first step, explains Bankrate. Withdrawing funds may result in significant tax penalties especially if done before the age of 59 1/2. After this age, retirees may be required to receive regular distributions from retirement account
Bankrate.com has a calculator available that covers all the financial aspects of retirement. By using the provided chart to find your tax rate, it is possible to determine the amount due in taxes on your savings and income after retirement.
One approach is to save 10 to 15 percent of each paycheck for retirement. Fidelity suggests aiming to have eight times your annual income in an account by retirement age.
A couple's retirement calculator is a program that asks important questions of each person in a couple to help determine how much money they need for retirement and how to start planning for it, according to New Retirement. The calculator should consider age, incoming benefits, current income and mo
Holders of a 401(k) face no government-defined maximum limit on withdrawals, although individual plans may impose restrictions on the withdrawal amount available to the plan holder, according to Smart401k. After reaching the age of 70 1/2 or upon retirement, 401(k) plans are subject to a required mi
U.S. residents can utilize the retired income tax calculator at Apps.opm.gov/tax_calc/withhold_calc, according to the U.S. Office of Personnel Management's Retirement Information and Services. Many states also host calculators for retirees such as the Wisconsin Department of Employee Trust Funds at
Retired IRA owners can withdraw funds from their traditional IRAs without penalty when they reach the age of 59 1/2, reports the Internal Revenue Service. When account holders reach 70 1/2, they must initiate required minimum distributions from their IRA to avoid penalties.
To calculate the required withdrawal from an Individual Retirement Account, use the formula shown on the IRA Required Minimum Distribution Worksheet, according to the IRS. The worksheet is available on the IRS website. There are several tables for use with the worksheet that correspond to marital st