Saving for Retirement Calculator

Retirement Savings Calculator

Retirement Savings Calculator

This calculator estimates the growth of your retirement savings and calculates how long your savings will last based on your forecast of retirement expenses and income.

Current age

Current annual household income (value must be greater than 0)

Projected income growth rate

Retirement savings

Percent of household income to contribute to savings

Expected rate of return before retirement

Retirement age (must not be less than current age)

Years in retirement*

*Years in retirement must extend beyond the year Social Security benefits start.

Percent of pre-retirement income desired in retirement (% must be greater than 0)

Expected rate of return during retirement

Age at which Social Security retirement benefits begin*

*Or current age (up to age 70) if benefits have already started

Social Security income per month*

*Enter the Social Security income that corresponds to the age entered for Social Security. You can obtain an estimate of your future Social Security benefit by going to www.ssa.gov/OACT/quickcalc/index.html

Expected inflation rate

Other monthly income in retirement (e.g., pension income)

Age at which other income begins

Adjust other monthly income for inflation?

Assumptions:

Household income is your total gross household income, including your spouse's income. Your retirement savings are your total retirement savings, including taxable, tax-deferred, and tax-exempt holdings. Your retirement age is the first year that you do not make retirement savings contributions from household income and the first year you begin taking distributions from your portfolio.

The expected rate of return inputs are after-tax returns. Actual rates of return will be based on investments you hold in your retirement portfolio, net of taxes and expenses.

The modeled Social Security income is based on your input for your Social Security income at the age entered for Social Security benefits. Subsequent years are inflation adjusted based on your input for inflation. Actual Social Security benefit payments in future periods are based on official government cost-of-living adjustments.

All contributions, income, and expenses are treated as occurring at the end of each year.

This is a hypothetical example and is not intended to reflect the actual performance of any specific investment, nor is it an estimate or guarantee of future value. When making an investment decision, you should consider your personal investment time horizons and income tax brackets, both current and anticipated, as these may further impact the results of this comparison. This illustration assumes a fixed annual rate of return; the rate of return on your actual investment portfolio will be different, and will vary over time, according to actual market performance. This is particularly true for long-term investments. It is important to note that investments offering the potential for higher rates of return also involve a higher degree of risk to principal.