Retirement Calculator

Plan your financial future and calculate when you can retire.

Retirement Planning Tips

  • Start Early: The power of compound interest means the earlier you start saving, the less you'll need to save each month.
  • Max Out Tax-Advantaged Accounts: Contribute to 401(k)s and IRAs to reduce taxable income and grow investments tax-free.
  • Diversify Investments: Spread your investments across different asset classes to manage risk.
  • Adjust for Inflation: Remember that inflation will reduce purchasing power over time.
  • Create a Budget: Track expenses and identify areas where you can increase savings.

Understanding the Results

Our retirement calculator provides estimates based on the information you provide. The projected savings uses a compound interest calculation that factors in your current savings, monthly contributions, and expected investment returns.

The "Monthly Savings Needed" shows how much you should save each month to reach your retirement goal, based on your current age, retirement age, and expected return rate.

Note: These projections are estimates and do not account for taxes, inflation, or market volatility. Consult with a financial advisor for personalized retirement planning.

Frequently Asked Questions

How much should I save for retirement?

Financial experts often recommend saving 10-15% of your income for retirement. However, the ideal amount varies based on your lifestyle, expected expenses in retirement, and when you start saving. Our calculator can help you estimate a target based on your retirement goals.

What retirement accounts should I use?

Consider tax-advantaged accounts like 401(k)s, 403(b)s, or IRAs. Many employers offer matching contributions to 401(k) plans, which is essentially free money. After maximizing any employer match, you might consider a Roth IRA for tax-free growth if you're eligible.

How does inflation affect my retirement savings?

Inflation reduces the purchasing power of your money over time. For example, with 3% annual inflation, $100,000 today would only buy about $55,000 worth of goods in 20 years. This calculator doesn't explicitly account for inflation, so consider that your retirement goal may need to be higher to maintain your desired lifestyle.