Online Savings Calculators and Tools

Retirement Savings Calculator

Retirement Savings Calculator

Retirement Needs Combined Explain
Enter age at the end of current year (#):
Enter the age you plan to retire at (#):
Enter life expectancy (#):
Desired annual retirement income ($):
Every years of retirement, reduce our income need by (%):
Desired estate ($):
Enter the expected average annual rate of inflation (%):
Retirement Funding Combined Explain
Enter the amount of your current retirement savings ($):
Enter the amount of your monthly contributions ($) beginning at the end of the current year:
Age to stop contributions ($):
Enter the Annual Interest Rate you expect to earn (%):
Enter combined Federal & State Tax Rate during retirement (%):
Post-Retirement Income (Pension, SS, Wages, etc.) Combined Explain
Annual COL Adjustment % Starting
Start & Stop Ages for Retirement Income #1 ($): to
Annual COL Adjustment % Starting
Start & Stop Ages for Retirement Income #2 ($): to
Annual COL Adjustment % Starting
Start & Stop Ages for Retirement Income #3 ($): to
Age to Apply One-Time Benefit (#):
Results Explain
Savings Needed at Retirement Age:
Savings at Retirement Based on Present Entries:
Savings Surplus (negative number indicates a ShortFall):
Additional Monthly Contribution Needed to Fully Fund Plan:
Present Monthly Contributions:
Total Monthly Contribution Needed to Fully Fund Plan:

Retirement Savings Calculator Information

This retirement savings calculator can help calculate a savings plan for your retirement.

Given how long until you retire, your desired retirement income and an expected inflation rate, the calculator will calculate an estimate of how much savings you will need at retirement, and how well you current savings plan will be able to meet this goal, or any additional savings you might need to start to contribute.

The calculator provides quite a lot of functionality, including:

  1. An ability to put in a number of different retirement income levels you may receive at different stages of retirement. This may include government pensions or other sources of income you would expect through retirement. These retirement incomes can be adjusted by a cost of living adjustment factor.
  2. You can include a one-time benefit to be given at a certain age. This could be used to represent say the sale of a property.
  3. A desired level of retirement income. This does not need to be inflation adjusted as the calculator can apply an expected rate of inflation. This retirement income can also be reduced by a given percentage every few years.
  4. You can factor in an estate you would like to leave.
  5. Additionally, you can input details of your savings plan such as your current savings, what your monthly contributions will be starting at the end of the current year, what age you plan to stop your savings and the interest rate you expect to earn.

As well as calculating an estimate of your required savings for retirement and how your savings plan may support your requirements, the calculator will also produce a yearly schedule of your retirement savings and requirements. This schedule breaks down a number of factors such as your balance, contributions, interest earnings and inflated needs by year.

This schedule is useful to get an idea of how your savings plan, additional retirement incomes and the effects of inflation on your retirement needs may be dependent on your inputs to the calculator. You can see their impact through the years before retirement and moving through your retirement as you withdraw from your savings.

It can help give an overall picture and breakdown of how your retirement plan might work through time.

Please understand that it is important to get advice from a professional to plan your retirement savings. This retirement savings calculator is designed as a general calculator to give a basic idea of where your retirement savings may place you for retirement. While the calculator provides quite a lot of functionality, it can not cover all aspects of a retirement savings plan.

As such the calculator should only be used to get an initial idea of how you might be placed financially for you retirement. As you start to look at the specifics of a give retirement financial plan, there will be a lot of factors and details that will not be accounted for by this calculator, thus requiring further research and professional advice. As such you should always get advice from a professional retirement planner and only use this tool as an approximate guide for your retirement savings.