Retirement Savings Calculator
Project your retirement savings and see if you're on track. Free and instant.
Retirement Projection
Frequently Asked Questions
How much should I save for retirement?
General guidelines: Save 15% of income (including employer match) for retirement. Aim to have 1x salary by 30, 3x by 40, 6x by 50, 8x by 60. Use this calculator to see if you're on track based on your age and goals.
What's the 4% withdrawal rule?
The 4% rule suggests you can safely withdraw 4% of your retirement savings annually (adjusted for inflation) without running out of money over 30 years. This calculator uses this rule to estimate monthly retirement income.
Should I contribute to 401(k) or IRA?
Contribute enough to 401(k) to get full employer match (free money), then max out IRA for better investment options and lower fees, then return to 401(k) to maximize contributions. Both offer tax advantages.
How does employer match work?
Many employers match a percentage of your 401(k) contributions up to a certain limit (e.g., 50% match up to 6% of salary). This is free money—always contribute enough to get the full match.
What's a realistic return rate?
Historical stock market returns average 7-10% annually over long periods. Use 7% for conservative planning, 8-9% for moderate, 10% for aggressive. Remember, past performance doesn't guarantee future results.
When should I start saving for retirement?
Start as early as possible! Time is your greatest ally due to compound interest. Starting at 25 vs. 35 can mean hundreds of thousands more in retirement, even with the same contribution amounts.
Introduction
Planning for retirement is one of the most important financial goals you'll ever set. With pensions becoming rare and Social Security uncertain, your retirement security depends largely on how much you save and invest during your working years.
This free retirement savings calculator helps you project how much you'll have saved by retirement age based on your current savings, contributions, employer match, and expected returns. It shows you if you're on track and helps you adjust your savings strategy to meet your retirement goals.
Whether you're just starting to save or want to see if you're on track, this tool helps you plan for a secure retirement and make informed decisions about your savings rate.
How to Use the Retirement Savings Calculator
Follow these steps to project your retirement savings:
- 1
Enter Your Age Information
Input your current age and desired retirement age. The calculator uses this to determine how many years you have to save and grow your retirement fund.
- 2
Enter Current Savings
Input how much you've already saved for retirement across all accounts (401(k), IRA, Roth IRA, etc.). This is your starting point.
- 3
Set Monthly Contribution
Enter how much you contribute monthly to retirement accounts. Include your contributions only—employer match is calculated separately.
- 4
Enter Employer Match Details
If you have a 401(k) match, enter the match percentage and match rate. For example, if employer matches 50% up to 6% of salary, enter 6% and 50%.
- 5
Set Expected Return
Enter your expected annual return. Use 7% for conservative planning (historical average), or adjust based on your investment strategy.
- 6
Review Retirement Projection
See your projected retirement savings, total contributions, interest earned, and estimated monthly retirement income using the 4% withdrawal rule.
Retirement Savings Benchmarks
Financial experts recommend these savings milestones by age (as multiples of annual salary):
Age 30: 1x annual salary saved
Age 40: 3x annual salary saved
Age 50: 6x annual salary saved
Age 60: 8x annual salary saved
Retirement: 10-12x annual salary saved
These are general guidelines. Your target depends on your desired retirement lifestyle, expected expenses, other income sources (Social Security, pensions), and retirement age. Use this calculator to see if you're on track.
Tips & Best Practices for Retirement Savings
1. Start Early
Time is your greatest ally. Starting to save in your 20s vs. 30s can mean hundreds of thousands more in retirement due to compound interest. Don't wait—start saving now, even if it's a small amount.
2. Maximize Employer Match
Always contribute enough to get your full employer 401(k) match. This is free money and an instant 50-100% return on your contribution. Never leave employer match on the table.
3. Increase Contributions Over Time
As your income grows, increase your retirement contributions. Aim to save 15% of income (including employer match). Even small increases compound significantly over decades.
4. Use Tax-Advantaged Accounts
Maximize 401(k), IRA, and Roth IRA contributions. These accounts offer tax benefits that can add tens or hundreds of thousands to your retirement savings over time.
5. Don't Cash Out Early
Avoid withdrawing from retirement accounts before retirement. Early withdrawals face penalties and taxes, and you lose decades of compound growth. Treat retirement accounts as untouchable.
6. Diversify Your Investments
Don't put all retirement savings in one type of investment. Diversify across stocks, bonds, and other assets based on your age and risk tolerance. Younger investors can take more risk.
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