Retirement Calculator: Plan Your Financial Future
Do you know if you’re saving enough for your golden years? Our easy-to-use retirement calculator helps you see where you stand. Take a few minutes now to plan for decades of peace of mind later.
Retirement Calculator
Retirement Calculator Diagram
Why Plan for Retirement Now?
Starting early makes a huge difference. When you save money, it grows over time. The longer it grows, the more you’ll have when you stop working.
Think of it this way: Money you save at 25 works for you much longer than money you save at 45. Even small amounts add up when given enough time.
Most folks haven’t figured out how much they need for retirement. Without a clear goal, it’s hard to make a good plan.
What You’ll Need in Retirement
What do you want to do when you retire? Travel? Spend time with family? Start a hobby?
No matter what you dream of, you need to know how much it will cost. Most money experts say you’ll need about 70-85% of what you make now to keep your same lifestyle after you stop working.
This amount changes based on:
- What you want to do in retirement
- How much healthcare might cost you
- How long you’ll live
- How prices go up over time
Our calculator looks at all these things to give you a number that makes sense for you.
How Our Retirement Calculator Works
Our calculator uses advanced financial algorithms to project your retirement savings based on your current financial situation, contribution plans, and expected returns. It accounts for important factors like:
- Current age and retirement age: Determines your investment timeline
- Current savings: Your starting point for retirement planning
- Monthly contributions: Regular additions to your retirement accounts
- Expected return rates: Projected growth of your investments
- Inflation effects: Adjustments for the decreasing purchasing power of money over time
- Tax considerations: Impact of different retirement account types
- Employer matching: Additional contributions from your employer
- Social Security benefits: Estimated government benefits during retirement
By considering all these factors, our calculator provides a comprehensive view of your retirement outlook.
Understanding Your Results: The Real Story
When Sarah, a 37-year-old teacher, first used our calculator, she was shocked. “I thought I was doing well by saving $200 monthly since my late twenties,” she told us. “But the calculator showed I’d run out of money by age 82.”
With people living longer than ever before, Sarah realized she needed to make adjustments. By increasing her monthly contribution to $350 and optimizing her investment strategy, she put herself on track for a comfortable retirement that would last well into her 90s.
Your results will show you:
Total Retirement Savings
This isn’t just a big number to make you feel good (or bad). It’s the foundation for your entire retirement income strategy. We’ll show you exactly how your current savings, ongoing contributions, and investment growth combine to create your final nest egg.
Monthly Income Breakdown
Ever wonder how much you can safely withdraw without depleting your savings too quickly? We’ll show you a sustainable monthly income based on established withdrawal strategies, plus how it compares to your desired lifestyle.
The Sustainability Factor
Our color-coded sustainability rating instantly shows if you’re on track (green), need minor adjustments (yellow), or require significant changes (red). No sugar-coating, just honest guidance.
Your Personal Retirement Timeline
The interactive chart visualizes your complete retirement journey—from your accumulation years through your retirement spending phase. You’ll see exactly when your savings peak and how long they’re projected to last.
How Your Investments Grow
Where you put your money matters a lot. Keeping it all in a savings account might feel safe, but it won’t grow much. Investing in stocks might grow more but can go up and down more too.
You can try different growth rates in our calculator to see how they change your results.
Free Money from Your Job
If your job offers to match what you save in a retirement plan, don’t miss out! When your boss adds 3-6% to what you save, that’s like getting an instant return on your money. Always try to save enough to get the full match.
Rising Prices Over Time
Did you know that prices go up almost every year? This is called inflation. What costs $100 today might cost $180 in 25 years.
Our calculator thinks about rising prices so the numbers you see will make sense in today’s money.
Ways to Save More for Retirement
If the calculator shows you need to save more, don’t worry. Try these ideas:
1. Save a Bit More Each Month
Even a small increase helps. Try to save 1% more of your pay each year, especially after you get a raise.
2. Look at Where You Invest
Make sure your investments match how long you have until retirement and how you feel about risk. Younger people can usually take more risk for better growth.
3. Work a Few More Years
Working even 2-3 years longer gives you more time to save and fewer years to pay for in retirement.
4. Find Other Income Sources
Could you rent out a room? Start a small business? Get dividends from stocks? Having more than one way to make money helps in retirement.
More Than Just Money
A happy retirement isn’t just about having enough money. Think about:
- Staying healthy to cut down on doctor bills
- Where you’ll live – same home or somewhere new?
- Keeping friends and family close
- Finding things to do that give you purpose
When to Talk to a Money Expert
Our calculator gives you a good start, but talking to a financial advisor can help with:
- Smart ways to take money out in retirement
- Planning what happens to your money after you’re gone
- Planning for healthcare costs
- Getting the most from Social Security
Start Your Plan Today
The best time to start planning was years ago. The next best time is right now. Use our calculator to see where you stand, then take steps to get on track.
Check your plan once a year or when big things change in your life, like getting married or changing jobs.
When you plan now, you give yourself peace of mind for later.
Common Questions
How much should I save each month?
Most money experts say to save 10-15% of what you make, including any match from your job. Your own needs might be more or less based on when you start saving and what you want in retirement.
When should I start saving?
Start as soon as you can! The earlier you begin, the more time your money has to grow. Even small amounts saved in your 20s can grow a lot by the time you retire.
How much will I get from Social Security?
For most people, Social Security covers about 40% of what they made before retiring. You can get your own estimate at ssa.gov. Many experts say to plan as if you’ll get less than what they show you now, just to be safe.
What if I’m behind on saving?
It’s never too late to improve. If you’re behind, try saving more each month, plan to work a few more years, work part-time in retirement, or adjust what you expect to spend. Our calculator can show you how these changes help.
How often should I check my plan?
Look at your plan once a year and when big things change in your life, like getting married, divorced, changing jobs, or getting an inheritance. Regular checks help you stay on track.
What inflation rate should I use?
Prices in the U.S. have gone up about 3% per year over a long time. Our calculator starts with 2.5%, which many experts think is fair for long-term plans. You can change this if you want.
How do I plan for healthcare costs?
Healthcare often costs a lot in retirement. Some studies show a couple retiring now might need about $315,000 saved just for healthcare. It’s smart to add extra to your savings goal for medical costs.
