Retirement Calculator
Plan your financial future with our comprehensive retirement calculator. Estimate how much you need to save to retire comfortably and explore different scenarios to meet your retirement goals.
Input Parameters
Years to Retirement
30
Estimated Savings at Retirement
$1,234,567
Recommended Savings Goal
$1,500,000
Retirement Savings Projection
Retirement Income Breakdown
Income Sources
Estimated Expenses
Retirement Recommendations
Increase Annual Contributions
Consider increasing your annual contributions by 1-2% to reach your retirement goal earlier.
Review Investment Strategy
A higher expected annual return could help you meet your retirement goals, but consider your risk tolerance.
Delay Retirement Age
Delaying retirement by a few years can significantly increase your retirement savings and reduce the number of years in retirement.
Understanding Retirement Calculations
How This Calculator Works
Our retirement calculator uses a comprehensive formula to estimate your retirement savings based on your current financial situation and expected future contributions. The calculation takes into account your current age, retirement age, current savings, annual income, contribution rate, investment returns, and inflation.
We use a compound interest formula to project your savings growth over time, factoring in annual contributions and their increases. Social Security benefits are estimated based on your income history, but actual benefits may vary based on future changes to the Social Security system.
The recommended savings goal is calculated based on the assumption that you'll need 70-80% of your pre-retirement income to maintain your standard of living in retirement, adjusted for inflation.
Tips for a Secure Retirement
- Start saving for retirement as early as possible to take advantage of compound interest.
- Maximize contributions to tax-advantaged retirement accounts like 401(k)s and IRAs.
- Regularly review and adjust your investment strategy as you approach retirement.
- Consider working with a financial advisor to create a personalized retirement plan.
- Plan for healthcare costs, which can be significant in retirement.
- Think about your retirement lifestyle and how it may impact your financial needs.