Experts from the Government and private sector tells us we should plan for our retirement monthly income to cover us for life expectancy plus 6 years at the minimum, and 30 years at the maximum. Our calculator therefore uses life expectancy (+6 years) figures from the US Census Bureau for male and female. Our monthly income figure is based on interest only monthly income, thereby never running out of principal.
Example:
Male life expectancy is 75 years old. Plus 6 years would put the number at 81.
81 years – retirement age of 65 = 16 years of retirement
$9,471 monthly income need x 12 months = $113,652 x 16 years of retirement = $1,818,432 Total for Retirement
