It also assumes that you need an annual retirement income equivalent to 55 or 80% of your pre-retirement income to live comfortably. Depending on your spending habits and medical expenses, spending may need to be increased or decreased. However, between 55 and 80% is a good estimate for many people. A common guideline is that you should try to replace 70% of your annual pre-retirement income.
To ensure you are making the best decisions for your retirement savings, it is important to research the best gold IRA companies available. To achieve this goal, many investors are turning to a Self Directed Gold IRA as a way to diversify their retirement portfolio. This is what the calculator uses by default. You can replace your pre-retirement income with a combination of savings, investments, Social Security, and any other source of income (part-time work, pension, rental income, etc.) The Social Security Administration website has several calculators that help you estimate your benefits.