Fifth Third Bank, National Association does not provide tax, accounting or legal advice. This information is provided for educational purposes only and does not constitute the rendering of tax or legal advice. Actual returns and principal values will vary. The example is not representative of any investment class or specific security. These calculations are hypothetical examples designed to illustrate the impact compounding can have. Fifth Third Bank, National Association, is not responsible for the content, results, or the accuracy of information. The information cannot be used by Fifth Third Bank, National Association, to determine a customer's eligibility for a specific product or service.Īll financial calculators are provided by a third-party and are not controlled by or under the control of Fifth Third Bank, National Association, its affiliates or subsidiaries. The results are estimates that are based on information you provided and may not reflect Fifth Third Product terms. This calculator is being provided for educational purposes only. Leisure- and housing-related expenses are at a minimum and you are likely to have completely paid off any debts such as credit cards or auto loans. At this stage, you are spending more on prescription drugs or other medical care. Estate planning becomes crucial to ensure that your assets are handed over to the intended beneficiaries when you die. If you are healthy, you are likely to face only some medical bills. As you hit the middle stage of retirement, you will likely begin to spend less, as you travel less, pay off your mortgage, and come to terms with a need to make your retirement fund last. You are likely to be in a lower income tax bracket since your highest income-earning years have just ended. They have yet to face the restricted budgets that affect retirees in later stages of retirement. Early retirees may travel more often, or even may still be facing mortgage payments. Early retirees typically spend more than retirees in their 70s or 80s. The three major retirement stages, and the expenses usually associated with each of them are: Expenses change as you move through various stages of retirement. To determine if you are saving enough for retirement, the calculator asks for your projected living expenses. Financial Insights About Us Customer Service Online Banking Login Branch & ATM Locator Search.Important: This calculator isnt intended to be. Additional Sources of Capital for Small Businesses Knowing how long your balance will last can help you plan for how much super you might need to retire.
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