It is hard to estimate how long your retirement savings will serve you. There are various factors, including inflation, your living standard, and the amount of savings that must be considered to determine your total retirement savings will be able to fulfil your lifestyle while retired. BlackRock has come up with a tool, CoRI, to assist people calculate how long their retirement savings will last.
The tool allows you to calculate the retirement income you can generate based on your current retirement savings. It includes changing factors that may affect your retirement income, so that you get an accurate figure.
In the recent future, an unprecedented number of Americans will be retiring. After retirement, many people find that their retirement income is not sufficient to support them as expected. Many factors, including lack of information results in many facing insecure retirements. To address this problem, the U.S. Chamber of Commerce and American Association of Retired Persons (AARP) have put forth solutions on a forum to urge policymakers to work out and implement solutions that will make retirement more secure for even more Americans.
Access to tax-deferred payroll deducted retirement saving plans through employers, combining payroll deducted retirement saving with automatic enrollment and automatic escalation, are two possible solutions the AARP and the U.S. Chamber of Commerce have suggested. Until effective solutions are implemented, Americans can take better control of their life after retirement by correctly estimating their retirement savings and making accurate contributions.