Counting Retirement Dollars

Most doctors thinking about retirement have two key questions. Doctors who are still in practice want to know if they’re saving enough to retire comfortably; doctors who are already retired or close to retirement want to know how long their nest egg will last. There are several web sites where you can get answers to these questions, but one, ExperienceRetirement.com, has the virtue of simplicity.

The ExperienceRetirement site is aimed at answering those two questions quickly. To find out if you’re saving enough for retirement, plug in a handful of numbers including your age, how much you have saved, your annual contributions, your expected return, and how much income you want to generate in retirement. The site will calculate whether you’re going to reach your goal and, if you’re projected to come up short, will offer suggestions on how you can tweak your strategy to build up your nest egg. For those already retired, the process is similar. After providing the site with data, you’ll find out how long your retirement savings will last and get suggestions on how to make them last longer.

Although the site is sponsored by an insurance company, National Life Group, the suggested strategies don’t lean heavily toward insurance products. Many are solid, common-sense ideas like beefing up your 401(k) contributions or paying down debt. The site has several other calculators, including one that walks you through the pros and cons of converting your traditional IRA to a Roth and another that estimates your Social Security income at retirement.