Save for Retirement Calculator

How to Use the Retirement Savings Calculator

Our retirement savings calculator is designed to help you estimate how much you need to save to achieve your retirement goals. 

To get the most accurate results, you will need to provide specific information about your current financial situation and retirement plans, including:

• Current Age - Enter your current age in years. This helps the calculator determine how many years you have left until retirement. The more years you have to save, the more your investments can grow through compound interest.
• Retirement Age - Specify the age at which you plan to retire. This input, combined with your current age, helps the calculator estimate the number of years you will be saving and investing before you start withdrawing from your retirement accounts.
• Annual Household Income - Provide your current annual household income. This amount is used to estimate your current standard of living and helps the calculator determine how much you might need income in retirement to maintain a similar lifestyle.
• Needed Retirement Income - Estimate the annual income you will need in retirement. A common rule of thumb is to aim for 70-80% of your pre-retirement income, but you can adjust this percentage based on your expected retirement lifestyle and expenses.
• Current Retirement Assets - Input the total value of your current retirement savings and investments. This includes all retirement accounts, such as 401(k)s, IRAs, and any other savings designated for retirement. This allows us to assess your starting point for future savings growth.
• Monthly Savings - Enter the amount you currently contribute for retirement each month. Consistent monthly contributions are crucial for building a substantial retirement fund.
• Monthly Pension - If you expect to receive a monthly pension during retirement, input the estimated amount here. Pensions provide a steady income stream and can reduce the amount you need to save independently.
• Monthly Social Security - Estimate the monthly Social Security benefits you anticipate receiving. You can obtain an estimate of your benefits from the Social Security Administration’s website if you are unsure.