The Networthify retirement tool is an online calculator designed to help individuals plan for early retirement, though it can also be used for traditional retirement planning. It emphasizes the importance of the savings rate over the return on investment when it comes to achieving financial independence and retiring early.
Users can input their current annual income, annual savings, current annual expenses, current savings rate, current portfolio value, and expected annual return on investment to estimate how long it will take to retire based on their financial situation.
The calculator operates under several assumptions, including that your annual expenses in retirement will equal your current annual expenses and that you’ll follow the 4% rule (although users can change this assumption). The tool is free to use and is designed to provide a quick estimate of when one can retire, making it accessible for individuals at various stages of their retirement planning.
The calculator provides insights by showing how adjustments in savings rates can impact the timeline to financial independence. For example, it illustrates that with a 60% savings rate, one might retire in approximately 12.4 years, assuming annual expenses of $20,000 and annual savings of $30,000.
- Retirement Income Analysis
- Safe Withdrawal Rate Analysis
Free Trial: N/A
Free Version: Yes
Price: Free
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