Retirement Savings Calculator

This calculator projects how large your retirement savings could be by the age you plan to stop working, based on what you have saved today, what you add each month and an assumed investment return. It also converts the result into today's dollars and estimates the yearly income those savings could support at a withdrawal rate you choose, so you can judge whether you are on track.

How to use this tool

1. Enter your current age and the age you plan to retire.
2. Enter your current retirement savings and how much you contribute each month.
3. Set how much you expect to raise contributions each year, the expected annual return and inflation.
4. Choose a withdrawal rate (4% is a common starting point) and read the projection.

Formula

B(next year) = B × (1 + R) + c × ((1 + i)^12 − 1) ÷ i

Each year the balance B grows by the annual return R and gains twelve monthly contributions c, added at the end of each month and growing at the matching monthly rate i = (1 + R)^(1/12) − 1. At 0% return, add twelve contributions without interest. Contributions rise by your yearly increase. Today's dollars = balance ÷ (1 + inflation)^years.

Example

At 35 with $50,000 saved, contributing $750 a month (rising 2% a year) at a 6% return, you would have about $1,195,978 at 65. You would have put in $365,113 of new money, and $780,865 is investment growth. With 2.5% inflation that is $570,174 in today's dollars, and a 4% withdrawal gives roughly $22,807 a year ($1,901 a month) in today's money.