Retirement Savings Calculator
Calculate how much you need to save for a comfortable retirement
Additional Information and Definitions
Current Age
Enter your current age in years.
Desired Retirement Age
Enter the age at which you plan to retire.
Current Annual Income
Enter your current annual income before taxes.
Current Retirement Savings
Enter the total amount you have saved for retirement so far.
Monthly Contribution
Enter the amount you plan to contribute to your retirement savings each month.
Expected Annual Return Rate
Enter the expected annual return rate on your investments.
Retirement Duration
Enter the number of years you expect to live in retirement.
Income Replacement Ratio
Enter the percentage of your current income you expect to need in retirement.
Plan Your Retirement Savings
Estimate your retirement savings needs based on your income, age, and desired retirement age
Loading
Understanding Retirement Savings Terms
Key terms to help you understand retirement savings calculations.
Current Age:
Your age as of today.
Retirement Age:
The age at which you plan to stop working.
Annual Income:
Your total yearly earnings before taxes.
Retirement Savings:
The total amount of money you have saved for retirement.
Monthly Contribution:
The amount of money you save each month towards retirement.
Annual Return Rate:
The expected yearly percentage gain on your investments.
Retirement Duration:
The number of years you expect to live after retiring.
Income Replacement Ratio:
The percentage of your pre-retirement income you need to maintain your lifestyle in retirement.
5 Shocking Facts About Retirement Savings
Retirement savings can be more complex than you think. Here are five surprising facts that can help you plan better.
1.The Power of Compounding
Compounding interest can significantly boost your savings over time. Starting early can make a huge difference.
2.Inflation's Impact
Inflation can erode the purchasing power of your savings, making it crucial to plan for higher future costs.
3.Longevity Risk
People are living longer, which means you may need more savings to cover a longer retirement period.
4.Healthcare Costs
Healthcare expenses can be a major financial burden in retirement, so it's important to plan for them.
5.Social Security Uncertainty
Relying solely on social security may not be enough. Personal savings and investments are essential.