Last week, a friend of mine complained that those “retirement calculators on the internet are wrong”. Well, I am not sure if they are all incorrect, but current economic conditions, government policy and life expectancy has changed a lot in the past five years, so maybe the calculator are not updated to reflect these factors.
If you are seeking advice, look for a reputable Certified Financial Planner. You need someone who will ensure that you will have enough money well into your retirement. This person should know about budgets as well as be knowledgeable about a variety of long term investment instruments, as well as the tax implications of withdrawing money from 401Ks and Roth and SEP IRAs. Your financial planner should NOT be your broker.
Before talking with a professional, learn a little. It’s well worth the time and $5.95 to listen to an audiobook of The Money Girl’s Guide to Retirement Planning;Successful Strategies to Help You Save and Invest for a Secure Future.