Retirement calculator: see how your savings could support your future
Retirement can feel too far away to plan, or too big to think about. Yet the decisions you make now, how much to save and for how long, have the most time to matter. Turning your savings into an estimate of future income, in today’s dollars, can help you see where you stand and what small changes could make a difference.
Retirement calculator
- Projected savings at retirement
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- In today’s dollars
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- Yearly income it could support, today’s dollars
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- Extra saving per month to reach your income goal
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Assumes a steady return, monthly contributions and constant inflation. Real returns vary from year to year and can be negative, especially near retirement. Taxes, Social Security, pensions and fees are not included unless you account for them in your inputs. Everything here runs in your browser; nothing you enter is stored or sent.
What this calculator can help you understand
- How your savings could grow by the time you retire, at an assumed return.
- What that balance could be worth in today’s dollars, after inflation.
- The yearly income it could support, at a withdrawal rate you choose.
- How much more to save each month to reach an income goal.
When it’s useful
- When you start saving for retirement, to set a monthly target.
- Every year or two, to check whether you’re on track.
- When considering retiring earlier or later.
- When your income or savings rate changes.
Who it’s for
- Workers at any age saving in a 401(k), IRA or other account.
- People catching up on retirement savings later in their career.
- Anyone exploring early retirement, keeping in mind that a longer retirement may need a lower withdrawal rate.
What to enter
| Input | What it means | Where to find it |
|---|---|---|
| Your age and retirement age | When you’re starting and when you plan to stop working | Your plan |
| Retirement savings now | What you have in retirement accounts | Your account statements |
| You save per month | What goes in each month, including employer contributions | Your pay stub and plan statements |
| Expected annual return | An assumed average return after fees | An assumption; try a range |
| Inflation per year | How fast prices are assumed to rise | An assumption, such as 3% |
| Income you’d like from savings | Yearly income in today’s dollars, beyond Social Security or a pension | Your plan |
| Withdrawal rate | The share of savings withdrawn in the first year of retirement | Often 3% to 4% as a starting point |
How to use it
- Enter your current age and the age you plan to retire.
- Enter what you’ve saved and what you save each month.
- Enter an expected return and an inflation rate.
- Enter the yearly income you’d like from savings and a withdrawal rate.
- Read the projected savings first, then the income it could support in today’s dollars.
- If there’s a gap, see the extra monthly saving needed, and try retiring a little later or saving a little more.
Understanding your results
- Projected savings at retirement is your current savings and monthly contributions grown at the assumed return.
- In today’s dollars divides that by inflation over the years until retirement, so you can compare it with prices now.
- Yearly income it could support is that inflation-adjusted balance × your withdrawal rate.
- Extra saving per month is the additional monthly amount, starting now, that would close the gap to your income goal under the same assumptions.
What it leaves out: taxes, Social Security and pensions (unless you account for them in your goal), changing returns, and how long your retirement lasts.
A worked example
Suppose you’re 35, plan to retire at 65, have $50,000 saved and save $800 a month, including your employer’s contributions. You assume 6% average annual returns and 3% inflation (both assumptions, not forecasts). You’d like $30,000 a year from savings, on top of Social Security, using a 4% withdrawal rate.
- Projected savings at 65: about $1,066,785. You’d have contributed $338,000 of that.
- In today’s dollars: about $439,501.
- Income it could support: 4% × $439,501 = about $17,580 a year in today’s dollars.
- Your goal: $30,000 a year ÷ 4% = $750,000 in today’s dollars, or about $1,820,447 in future dollars.
- To close the gap: about $773.37 more a month, starting now.
How the result changes
Different monthly saving, with everything else as in the example:
| Saving per month | Savings at 65 | Income, today’s dollars |
|---|---|---|
| $500 | $774,431 | $12,762 |
| $800 | $1,066,785 | $17,580 |
| $1,200 | $1,456,590 | $24,004 |
Different average returns:
| Annual return | Savings at 65 | Income, today’s dollars |
|---|---|---|
| 4% | $710,386 | $11,707 |
| 6% | $1,066,785 | $17,580 |
| 8% | $1,629,973 | $26,861 |
Different retirement ages:
| Retire at | Savings | Income, today’s dollars |
|---|---|---|
| 62 | $869,334 | $15,655 |
| 65 | $1,066,785 | $17,580 |
| 67 | $1,218,954 | $18,935 |
The return you assume has a large effect, which is why it’s worth planning with a cautious rate. Working a few more years both adds savings and shortens the time they need to last.
Common mistakes
- Using an optimistic return. Plan with a cautious assumption and treat higher returns as a bonus.
- Ignoring inflation. A million dollars in 30 years won’t buy what it does today.
- Forgetting fees. A 1% yearly fee meaningfully reduces long-term growth; see the investment fee calculator.
- Treating the withdrawal rate as guaranteed. Market downturns early in retirement can make a given rate less sustainable.
What to do with your result
- If you have a workplace plan, see the effect of your contribution rate and employer match with the 401(k) calculator.
- Check your estimated Social Security benefit at ssa.gov, and adjust your income goal.
- Review the fees you pay on retirement investments.
- Revisit your plan each year, or when your income or goals change.
Limitations to keep in mind
This is a projection based on a constant return, constant inflation and regular monthly saving. Real investment returns vary and can be negative. It doesn’t include taxes, Social Security, pensions, required minimum distributions or healthcare costs. It isn’t investment, tax or retirement advice.
Frequently asked questions
How much do I need to retire?
It depends on the income you’ll need and what other sources, such as Social Security or a pension, will cover. A common approach is to estimate the yearly income you want from savings and divide by a withdrawal rate. At 4%, $30,000 a year needs about $750,000 in today’s dollars.
What is the 4% rule?
It’s a rule of thumb from 1990s research on historical market returns: withdrawing about 4% of savings in the first year of a 30-year retirement, then adjusting for inflation, has historically lasted in most periods studied. It’s a starting point, not a guarantee; markets, fees and your retirement length all affect what’s sustainable.
What return should I assume?
There’s no guaranteed return. Long-term stock returns have historically been higher than bond or cash returns, but with large swings. Trying a few rates, such as 4%, 6% and 8%, shows a range. In our example, the result ranges from $710,386 to $1,629,973.
Does this include Social Security?
No. Enter the income you want from savings, after accounting for Social Security or a pension. You can see your estimated Social Security benefit by creating a my Social Security account at ssa.gov.
Why show results in today’s dollars?
Because prices rise over time. A balance of $1,066,785 in 30 years would buy about what $439,501 buys today at 3% inflation, which is easier to compare with your current spending.
What about taxes?
Withdrawals from traditional 401(k)s and IRAs are generally taxed as income; qualified Roth withdrawals are not. The calculator shows amounts before tax.
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This calculator gives estimates for illustration, based on the figures you enter and the assumptions described on this page. It isn’t financial, tax or legal advice, an offer, or a guarantee of any outcome.