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How Much Money Do You Need To Retire?

Dreaming about traveling the world? Spending time with your grandchildren? A Fifth Third Securities Investment Professional may be able to help you create an investment strategy for the retirement you are hoping to enjoy.

How much will you require, where will your retirement income come from and which retirement options best meet your needs? We will help you sort through issues like inflation, life expectancy and the potential need for long-term care* that may affect how long your savings will last.

What are your expectations for your investments and how much market fluctuation can you tolerate? We will work with you to help you understand your retirement investment options and see that you are comfortable with your asset allocation strategy while still meeting your savings goals. And what if you have not saved enough? An Investment Professional at Fifth Third Securities can recommend Retirement Strategies appropriate for you.

Are Your Retirement Savings on Track?

The table, below, gives you a ballpark idea of the savings you may need when you retire. The chart assumes that you plan to generate your own 'salary' from your investments during retirement, and that this income will equal 75% of your salary at the time of retirement, a commonly used assumption. For example, if you are earning $50,000 at the time you leave the workforce, this estimate assumes you will need an annual salary equal to $37,500 after you have retired. As you can see by comparing the savings goals of a 45-year-old versus 55-year-old today, the further you are from retirement, the more you may need to save to make up for the potential impact of inflation.

Salary at Retirement If you are 45 today,
you may need…
If you are 55 today,
you may need…
$50,000 $1,040,000 $775,000
$75,000 $1,560,000 $1,160,000
$100,000 $2,075,000 $1,550,000
$125,000 $2,600,000 $1,950,000

This chart assumes retirement occurs at age 65, you realize an annual investment rate equal to 6%, inflation equals 3% annually, you withdraw as income an annual salary from your investments equal to 75% of your salary at the time of your retirement, and that your savings will last 20 years.

Get Advice and Guidance

How much money do you need to retire? Fifth Third's retirement planning calculator provides quick answers to your questions about retirement, such as:

  • Which options will provide the most retirement income?
  • How much can you contribute to an IRA?
  • How will retirement affect your expenses?

When it comes to retirement, A Fifth Third Securities Investment Professional can help make sure that you are prepared. Visit a Fifth Third Banking Center near you, call us toll free at 1-800-416-8714, or fill out a contact form.

*Long-Term Care Insurance and other insurance products made available through Fifth Third Insurance Agency, Inc.

Fifth Third Securities is the trade name used by Fifth Third Securities, Inc., member FINRA/SIPC, a broker-dealer and an investment advisor registered with the U.S. Securities and Exchange Commission (SEC). Registration does not imply a certain level of skill or training. Fifth Third Securities is a wholly owned subsidiary of Fifth Third Bank. Securities and investments offered through Fifth Third Securities, Inc. and insurance products:

Are Not FDIC Insured Offer No Bank Guarantee May Lose Value
Are Not Insured by any Federal Government Agency Are Not A Deposit

Insurance products made available through
Fifth Third Insurance Agency, Inc. | Business Continuity