How much will your retirement cost?

How much will your cost of living change in your retirement years? Although you'll eliminate your work expenses, you will probably increase spending in other areas--such as travel, medical care, and hobbies. It's not always easy to estimate how much your expenses will change, but the Determine Your Retirement Expenses Calculator can help. It will highlight important expenses that you may not have considered when thinking about retirement.

Results

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Change in your annual expenses after retirement	-$8,475
Details:
Work expenses eliminated	$14,575
Retirement expenses added	$6,100

Results are computed using a standard future-value calculation and your investments' nominal rate of return, rather than annual percentage yield (APY). Banks are required to advertise APY, which allows direct comparisons between accounts using different compounding schedules. This calculator assumes monthly compounding. Taxes are accrued monthly and paid at the end of each year.