Use this “Freedom Calculator” to Project Your Retirement Date
Link: Freedom Calculator
Will you be ready to retire when the time comes? To some of us, it sounds like the beginning to an ad, or a question from another era.
Personally, I don’t care much about the idea of retirement. I believe in finding meaningful work that you’re excited about! Why would you stop doing something you look forward to every day?
I do, however, believe in financial freedom—the ability to retire even if you go to your grave typing furiously on your MacBook Air from the back of an Uber Lyft. (Wait, that’s not how you do all your work? I guess it’s just me.)
Anyway, I stumbled upon a new tool that will either inspire you or depress you, depending on your perspective and situation. It’s called the “Freedom Calculator,” and it allows you to find the point in which you can stop saving, even if you retire later or not at all.
Naturally, everyone’s needs are unique, so you can use the calculator to input your own variables and see what you come up with.
–> Freedom Calculator
That’s the short version, and it’s pretty self-explanatory. However, in case a longer explanation would be helpful, here’s how the tool’s creator describes it:
As a refresher, financial freedom is the point when you no longer have to bring in active income to maintain your lifestyle. I didn’t want to wait until I’m all the way there to celebrate—so I created Retirement Freedom as an intermediate milestone. Here’s my definition:
Your retirement accounts are big enough for you to retire at 65 even if you stop contributing today.
In other words: if you never put another penny in your retirement accounts but they’ll still grow big enough for you to retire at age 65, congratulations—you’re retirement free!
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Will you be ready to retire when the time comes—or at least achieve financial freedom?
Hat tip to BudgetsAreSexy, another great blog I follow.
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Image: Bablu
