Retirement Calculator

How to Use the Retirement Calculator

Planning for retirement can feel daunting, but our Retirement Calculator makes it easy to see if you’re on track. Follow these steps to estimate your retirement savings and understand what you’ll need for a comfortable future.

Enter Your Age Details

Start by inputting your current age and the age at which you plan to retire:

Current Age: Your age today (e.g., 40).

Retirement Age: The age you expect to retire (e.g., 67).

After entering these values, click away from the field to ensure they’re validated (minimum age is 18, and retirement age must be greater than your current age).

Add Your Financial Information

Next, fill in your financial details to help the calculator estimate your savings:

Annual Income (Pre-Tax): Your current yearly income before taxes (e.g., $50,000).

Current Retirement Savings: The total amount you’ve already saved for retirement (e.g., $0).

Monthly Contribution: How much you contribute to your retirement savings each month (e.g., $500).

Monthly Budget in Retirement: The amount you expect to spend each month during retirement (e.g., $4,000).

As you type in these fields, numbers will automatically format with commas for readability (e.g., 50000 becomes 50,000).

Review Your Results

Once you’ve entered your information, the calculator will update automatically to show:

What You’ll Have: The estimated amount you’ll have saved by the time you retire, based on your current savings, monthly contributions, and an assumed 6% annual return before retirement.

What You’ll Need: The amount you’ll need to cover your expenses throughout retirement, adjusted for 3% annual inflation and discounted at a 5% post-retirement return, assuming you live to age 95.

These numbers are displayed in a larger, bolder font to help you quickly see your retirement outlook.

Explore the Chart

Below the results, a chart visualizes your retirement savings over time:

The blue line (Retirement Savings) shows how your savings grow from your current age to your retirement age.

The dashed light blue line (What You’ll Need) shows the target amount you’ll need at retirement to sustain your monthly budget.

Hover over the chart to see exact amounts at different ages, formatted with commas for clarity (e.g., $1,234,567).

Pro Tip: Experiment with different values to see how they affect your retirement plan. For example, increasing your monthly contribution or retiring later can significantly boost your savings. Small changes today can lead to a more secure tomorrow!

Note: This calculator uses fixed assumptions (6% pre-retirement return, 5% post-retirement return, 3% inflation, 2% annual salary increase, and life expectancy of 95). It doesn’t account for taxes, fees, or unexpected expenses. For a detailed retirement plan, consider consulting a financial advisor. Start planning your dream retirement now!