Retirement Calculator
Plan for retirement by calculating how much to save monthly to reach your retirement income goals.
Advertisement
How to Use This Calculator
- Enter your current age
- Input your desired retirement age
- Add your current retirement savings amount
- Enter how much you plan to contribute monthly
- Input your expected annual return rate (typically 6-8%)
- Click 'Calculate' to see your projected retirement savings
- Review total savings, contributions, and investment growth
Formula
FV = PV(1 + r)^n + PMT × [((1 + r)^n - 1) / r], where FV = future value, PV = present value, PMT = monthly payment, r = monthly interest rate, n = number of months
Frequently Asked Questions
How much should I save for retirement?▼
Financial experts generally recommend saving 10-15% of your pre-tax income for retirement. A common rule of thumb is to aim for 10-12 times your annual income by retirement age to maintain your lifestyle.
What is a realistic rate of return for retirement savings?▼
Historically, a diversified portfolio has returned 7-10% annually. Conservative estimates use 6-7% to account for inflation and market volatility. As you near retirement, you may shift to more conservative investments with lower returns.
At what age should I start saving for retirement?▼
The earlier, the better! Starting in your 20s gives compound interest more time to work. Even small contributions early on can grow significantly over 40+ years. If you're starting later, you'll need to save more aggressively.
What is the 4% rule for retirement?▼
The 4% rule suggests you can withdraw 4% of your retirement savings in the first year, then adjust for inflation each year, with a low risk of running out of money over a 30-year retirement.