Retirement Savings Calculator interactive tool
Calculator
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Result
$1,624.76
Current savings future value:$223,248
Additional needed:$776,752
What Is Retirement Savings?
A retirement savings planner works backward from a target balance, current savings, timeline, return assumption, and inflation assumption to estimate a monthly contribution.
Key Factors in Retirement Planning
- Time Horizon: The number of years you have left until retirement. The longer your horizon, the less you need to save monthly due to compound growth.
- Expected return: An assumption you can vary for scenario planning. There is no guaranteed portfolio return, so compare more than one rate.
- Inflation: The rate at which the cost of living increases. A million dollars today will have less purchasing power in 20 years.
Start Planning Today
Run more than one scenario because the return and inflation inputs are assumptions, not guarantees. A different retirement date or monthly contribution can change the projection materially.
How To Use the Retirement Savings Calculator
- Enter your target retirement savings goal.
- Enter the amount you already have saved and years until retirement.
- Set expected annual return and inflation rates.
- Review the suggested monthly savings amount.
Monthly savings for a retirement goal
A retirement savings calculator is useful when you want to work backward from a target balance. Enter current savings, years until retirement, expected return, and inflation assumptions to compare the monthly contribution each scenario would require.
Need the formula or convention behind this result? Read the calculator methods and assumptions.