Retirement Calculator
Plan your financial future with our comprehensive retirement calculator. Estimate your savings needs, investment growth, and retirement income.
Retirement Savings Projection
Projected Balance at Retirement
$1,234,567
in today's dollars
Monthly Income Shortfall
-$456
additional savings needed
Savings Goal
$1,500,000
recommended target
Your Retirement Plan Summary
On Track for Retirement
You're projected to reach 82% of your retirement savings goal.
Years Until Retirement
30
Total Contributions
$180,000
Investment Growth
$954,567
Inflation Adjusted Value
$789,123
Estimated Monthly Retirement Income
$3,544
(today's dollars)
Recommendations
- Increase monthly contributions by $200 to reach your goal
- Consider delaying retirement by 2 years to boost savings
- Review your investment allocation for optimal growth
- Maximize employer matching contributions
Detailed Retirement Breakdown
| Age | Contributions | Growth | Balance |
|---|---|---|---|
| 35 | $6,000 | $360 | $106,360 |
| 40 | $30,000 | $12,450 | $242,810 |
| 50 | $90,000 | $145,670 | $736,480 |
| 60 | $150,000 | $489,230 | $1,375,710 |
| 65 | $180,000 | $954,567 | $1,234,567 |
Projected Retirement Income Sources
Next Steps:
Increase your monthly contribution by $200 to reach your goal
Review your investment allocation for optimal growth
Consult with a financial advisor for personalized planning
Retirement Planning Tips
Start Early
The power of compounding means even small amounts saved early can grow significantly over time. Starting just 5 years earlier can make a huge difference in your retirement balance.
Maximize Employer Match
If your employer offers a 401(k) match, contribute at least enough to get the full match. This is essentially free money that can significantly boost your retirement savings.
Diversify Investments
Don't put all your eggs in one basket. A diversified portfolio across different asset classes can help manage risk while still providing growth potential.
Account for Inflation
Remember that prices will likely rise over time. Your retirement income needs to keep pace with inflation to maintain your standard of living.
Reduce Debt
Entering retirement with significant debt can strain your finances. Focus on paying down high-interest debt before you retire.
Plan for Healthcare
Healthcare costs can be a significant expense in retirement. Consider Health Savings Accounts (HSAs) and understand your Medicare options.
Retirement Calculator Answers
What does the retirement calculator do?
It estimates how much money you need to save and how long your savings will last based on your retirement goals, current savings, contributions, and expected returns.
Can it account for inflation?
Yes, the calculator factors in inflation to provide a realistic estimate of your future purchasing power.
What inputs do I need to provide?
You’ll need to enter your current age, planned retirement age, current savings, monthly contributions, expected rate of return, and estimated retirement expenses.
Is this calculator useful for all retirement planning stages?
Yes, whether you’re just starting to save or already close to retirement, it helps you plan and adjust your strategy.