Save for Retirement | Financial Calculators for Flagstar Bank

Retirement Plans

Current age

Your current age.

Retirement age

The age at which you expect to retire.

Annual household income

Your annual income from salary and investments, on a pre-tax basis.

Needed retirement income

The percentage of your annual income that you expect to need for spending purposes during your retirement years.

Retirement Assets

Current retirement assets

The total amount of your current retirement savings and investments.

Monthly savings

The amount you save on a monthly basis towards retirement.

Monthly pension

The amount you expect to receive on a monthly basis, in current dollars, from a pension you have earned during your years of employment.

Monthly Social Security

The amount of money you expect to receive on a monthly basis from Social Security in current dollars. You can visit the IRS website to find out what you will be entitled to receive.

Assumptions

Life expectancy

How long you expect to live, expressed in years.

Annual salary increase

The percentage increase in salary you expect to receive until retirement. This percentage should factor in cost of living increases due to inflation as well as merit increases.

Inflation rate

The expected rate of inflation covering both your retirement savings and retirement spending periods. Variables such as pension and social security are adjusted for inflation for comparison purposes.

Rate of return

The annual rate of return you expect to receive on your investments and savings accounts.

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Retirement Savings Summary
Planned Savings	Required Savings

Planned vs Required Retirement Savings
	Planned Savings	Required Savings
Total Assets
Total Pension
Total Social Security
Total Savings

Flagstar Bank partnered with Fintactix, a financial education company, to make this calculator available. This is for informational purposes only. The results are hypothetical to illustrate general scenarios. The calculator cannot determine that a specific Flagstar product is available to you or that it is the right solution for your circumstances. All Flagstar Bank products require an application and an approval process. Please contact us directly so we can assist you. Use of this calculator is not a substitute for and results cannot be relied on as investment, legal, tax or accounting advice. Please consult a tax advisor, attorney or other financial professional for personalized advice appropriate to your goals and circumstances. Flagstar Bank and our affiliates are not responsible for any content provided by unaffiliated third parties.

Saving for retirement can be a challenging task. The starting point for any retirement planning is an understanding of what your retirement needs will be. Once you have done that, you will have a target to aim at and be able to put together a savings plan that will get you there. Defining your retirement need requires that you have a retirement age in mind and a basic understanding of what your spending needs will be during your retirement years. A simple approach for defining your retirement needs is based on using a percentage of your current income, adjusted for inflation between now and when you retire. You might also want to consider how your salary will change based on merit or cost of living increases. Your retirement savings plan will follow; driven primarily by what you have saved to date and what you can save going forward each month. Don't forget to factor in any pensions or social security payments that you will be entitled to receive during retirement.