Calculating Retirement Income Needs

According to OneAmerica research, less than half (48 percent) of participants have calculated their retirement income needs. Participants who are older, more affluent or who work with a financial professional are most likely to have calculated their need. Among those who have calculated their retirement need, more than half use an online tool, while a quarter report using a calculation or worksheet.

Participants who are younger and do not use a financial professional are more likely to use an online tool to calculate their need. Most participants who report having calculated their need with something other than a tool, calculation or worksheet use a financial professional. Among participants who have not calculated their income need, the reasons vary. Some reasons include:

• Not sure how (55 percent)
• Nervous to know how much (23 percent)
• Don’t know where to go (20 percent)
• Don’t have time (16 percent)

Have you calculated your retirement income need? We have resources that can help you. Use our Retirement Income Calculator and explore how you can begin preparing today for tomorrow’s retirement income needs.