Create a strategy for more golden years Are your savings on target to reach your retirement goals? The starting point is an understanding of your needs, which allows you to create a specific goal and savings plan to get you there. Defining your retirement needs 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 largely by what you've 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'll be entitled to receive during retirement. This calculator helps you pull all of the numbers together to provide a clearer picture.