Retirement Calculator – Plan Your Retirement Savings
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What Is a Retirement Calculator?
A retirement calculator projects how much your savings could grow by your target retirement age, based on your current savings, ongoing monthly contributions, and an assumed rate of return. It helps you see whether you're on track or need to adjust your savings plan.
Formula Used
The calculator projects your current savings forward with compound growth, then adds the future value of your monthly contributions over the same period, using monthly compounding based on your expected annual return.
How to Use This Calculator
Enter your current age, the age you plan to retire, your current retirement savings, your monthly contribution amount, and the annual return you expect. Click "Calculate Retirement Savings" to see your projected total at retirement.
Choosing a Realistic Rate of Return
A diversified stock portfolio has historically returned around 7-10% annually before inflation over long periods, though returns vary significantly year to year. Conservative planners often use a lower assumption (5-6%) to account for market volatility and inflation.
Frequently Asked Questions
How much should I be saving for retirement?
A common guideline is saving 10-15% of your income starting early, though the right amount depends on your desired retirement lifestyle and current age.
Does this account for inflation?
No, this calculator shows nominal future value. To estimate real purchasing power, consider using a lower expected return to roughly account for inflation's effect over time.
What if I start saving late?
Starting later means you'll generally need to contribute more each month to reach the same goal, since you have less time for compound growth to work in your favor.
Should I include employer 401(k) matching in my monthly contribution?
Yes, include any employer match in your monthly contribution figure for a more accurate projection, since it directly adds to your retirement savings growth.