Retirement Calculator

Use our free retirement calculator to estimate how much money you’ll have in retirement.

Matthew Jones Matthew Jones Writer and Editor
Jeff Hoyt Jeff Hoyt Editor in Chief

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How Our Retirement Calculator Works

Our retirement calculator uses the information you have now to see where you’ll be when you retire. That way, you can see if you’re saving enough money to meet your retirement goals or if you need to make some changes. If you’re already retired, you can calculate how long your retirement savings will last. You can see how your savings can grow year by year, even accounting for less predictable factors like inflation and market performance. Using industry-tested equations and projection models, we estimate what your savings will look like before you retire, at the time of your desired retirement age, and up to 40 years into your retirement.

How to Use the Retirement Savings Calculator

To make the process as easy as possible, you’ll need to input only a few pieces of information: what you know and what you assume.

What You Know

  • Your age
  • Your annual income
  • Spouse’s annual income (if applicable)
  • Current retirement savings
  • Desired retirement age
  • Years of retirement income
  • Future Social Security benefits

What You Assume

  • Expected annual inflation rate
  • Income replacement percentage
  • Pre- and post-retirement investment return

Your assumptions can make things a bit trickier, since they aren’t set in stone, but here’s some additional information to consider:

  • Inflation: Between 1980 and 2022, the U.S. saw an average annual inflation rate of 3.43 percent1; regardless of the inflation rate you set, our calculator uses this number to anticipate increases in your future income.
  • Income replacement percentage: This term refers to the percentage of your current income that you would need to live comfortably in retirement; many experts recommend between 70 and 90 percent for retirees, though you may choose to adjust this figure based on your own needs and preferences.
  • Pre- and post-retirement investment return: Retirement savings and investment portfolios tend to be more aggressive while you’re young and more conservative as you age; you can generally use higher pre-retirement earnings and lower post-retirement earnings for your calculations, especially if you plan to move your savings into less risky investment vehicles.

Once you input all of your information and click “Calculate,” you’ll get a summary of your results. For a spreadsheet that breaks down your data year by year, be sure to click the “Detailed Results” button.

FYI:

FYI: If you’re concerned about the cost of housing or medical care during retirement, consider acquiring a long-term care insurance plan.

Tips to Boost Your Retirement Savings

It’s never too late to start saving for retirement, but the earlier you can invest in your future, the better. Here are a few tips to boost savings in the years leading up to retirement:

  • Set a saving schedule that makes sense for you. It may be tempting to put as much toward savings as possible, but if it takes away from the funds you need to pay your bills now, you could do more harm than good. If you need to withdraw funds earlier than expected just to make ends meet, you may incur a penalty for early withdrawal.
  • If your employer offers any kind of match on contributions, do your best to maximize your own contributions up to the yearly limit for your account. If you don’t contribute the maximum for a given year, you’re essentially leaving free money on the table.
  • Anticipate your cost of living during retirement by studying how much you spend now; while many expenses will remain the same, others will change. If you’re like most seniors, you might see higher health care bills2 and lower housing costs (especially if you’ve paid off a mortgage).
Pro Tip:

Pro Tip: Feeling unsure about your finances? Check out our senior finance guide for help.

FAQ

  • When should I retire?

    Deciding when to retire involves several factors, including your health, job type, income, and savings. Many people aim to retire at age 65, but more and more people are retiring later, especially since full Social Security retirement benefits for new retirees don’t kick in until age 67 for those born in 1960 or later.3

  • How much money should I have saved to retire at 65?

    This all depends on what kinds of expenses you anticipate during retirement. As a general rule, you should aim to save at least eight to 10 times your annual salary. So, if you currently make $100,000 per year, you should try to save between $800,000 and $1 million by the time you turn 65. Read our guide on how much to save for retirement to learn more.

  • What is the $1,000-a-month rule for retirement?

    Many experts believe that you should save $240,000 for every $1,000 of monthly income you want in retirement. For example, if you want to have $5,000 of monthly retirement income (not including Social Security and other benefits), you’ll need to save $1.2 million by the time you retire.

Citations
  1. U.S. Bureau of Labor Statistics. (2023). Bureau of Labor Statistics.

  2. AARP. (2023). 10 Biggest Expenses in Retirement.

  3. SSA. (2023). Retirement Benefits.

Written By:
Matthew Jones
Writer and Editor
Matthew is a freelance writer who has written on a wide range of topics, from personal finance to nutrition. Over the past three years, Matthew has worked extensively on articles and guides for seniors related to Medicare, insurance, and finance…. Learn More About Matthew Jones
Reviewed By:
Jeff Hoyt
Editor in Chief
As Editor-in-Chief of the personal finance site MoneyTips.com, Jeff produced hundreds of articles on the subject of retirement, including preventing identity theft, minimizing taxes, investing successfully, preparing for retirement medical costs, protecting your credit score, and making your money last… Learn More About Jeff Hoyt
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