How long will my retirement savings last?

Whether you’ve recently retired or are just beginning to start to save, it helps to have an idea of how much you need to save in order to maintain your lifestyle. While you can’t predict everything, there is still value in determining an approximate amount.

Use our calculator to compute how much you would need to have invested in order to withdraw a specified amount each month over the course of a specified period of time. For example, if you want to be able to withdraw $500 during each month of your expected 20-year retirement, this calculator will tell you that if you expect to earn a 10% interest rate you will need to have $51,812.30 saved up by the time you retire. This is often referred to as “Present Value of an Annuity” analysis.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

close up of Jeff Phillips CFP, LPL Registered Principle and Nate Phillips CFP, Finacial Advisor of Midwest Bank's Wealth Managment

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We’re here to help you plan for retirement and your future. Our staff are here to answer your questions and find the right financial solutions to help you meet your goals. Whether you’re ready to open a Traditional IRA at one of our Midwest Bank branches or you need more in-depth financial planning with our Midwest Wealth Management team, we’re here to help you.

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