Lifetime Earnings Definition
Have you ever wondered how much money you will make in total over your lifetime? If you had access to that information, could you make better financial decisions? An online lifetime earnings calculator can provide that information to help you plan for your financial future.
To use the calculator, you will need:
Your current salary
The percentage of your salary increases per year
The number of years you will work
Many people are completely surprised to learn how much money they will really earn over their lifetimes. The number of years can really add up to a large sum of money. A lifetime earnings calculator can put your finances into perspective and can help you plan for retirement. If you factor in the increase in the cost of living and your current retirement savings, you can determine if you are saving enough or if you will be short for your retirement needs.
A lifetime earnings calculator can also help you determine how much insurance you will need to protect your family and your assets. If you died, you would need to know how much life insurance to purchase to provide for your family. Knowing your future income will help you make those decisions.
This lifetime earnings calculator can also help you determine the type of disability insurance to purchase. By understanding your total income for future years, you can decide what type of policy would provide the most protection.
A lifetime earnings calculator is the online financial tool you need to put you ahead of the rest with your financial goals. Be sure you are prepared for your financial future and your retirement goals.
How to Calculate Lifetime Earnings
Let's be honest - sometimes the best lifetime earnings calculator is the one that is easy to use and doesn't require us to even know what the lifetime earnings formula is in the first place! But if you want to know the exact formula for calculating lifetime earnings then please check out the "Formula" box above.