Retirement Savings Calculator
Plan your retirement by projecting how your savings will grow over time. Enter your current age, savings, monthly contributions, and desired retirement income to see if you are on track to meet your retirement goals.
Retirement Savings Calculator
FAQ
How much do I need to save for retirement?
A common guideline is to have 25 times your desired annual retirement income saved. For example, if you want $50,000 per year in retirement, you would need approximately $1.25 million in savings.
What rate of return should I assume?
A commonly used long-term average for a diversified stock portfolio is 7% annually before inflation. A more conservative estimate of 5-6% may be appropriate if you include bonds in your allocation.
How does this calculator project my savings?
The calculator uses compound interest to project the future value of your current savings and monthly contributions. It then compares this to the present value of the annuity needed to provide your desired monthly income throughout retirement.