ARROW Financial Group
The Kent's Team
Kent E Bowman, CFP®, CIMA®
President & CIO
2075 West Big Beaver Road
Suite 420
Troy, MI 48084
fax: 248-220-4970

Saving for Retirement: Contributions Needed Calculator
Saving for Retirement: Contributions Needed Calculator

Are your savings on track? Should you increase the amount that you're contributing to your retirement plan? Use this calculator to estimate how much you should be contributing, based on your retirement income goal.

Current and Projected Savings

Enter the amount that you currently have available to satisfy your retirement needs.

Select the number of years you have to save for retirement.


Enter the amount that you anticipate contributing to your retirement plan each year.


Enter the amount, if any, you anticipate your employer will contribute to the plan each year on your behalf (e.g., employer match, profit-sharing contribution).


Enter any other amount that you anticipate contributing each year to help fund your retirement (e.g., amounts saved outside of your retirement plan).

If you select "Yes," the amounts entered for anticipated contributions above will be increased by the rate of inflation for each year that follows. Additionally, the calculator will solve for any additional savings needed by assuming that your contributions will increase each year to keep pace with inflation. If you select "No," your contribution amounts will not change over time.

How Much Income Will You Need Your Retirement Savings to Provide?

Select current annual salary, anticipated final salary in year before retirement, or a specific target income for the first year of retirement.

Enter the percentage of your salary or target income that you would like to replace through retirement savings.

Select the number of years that your retirement funds need to last once you retire.

This calculator estimates income needed in retirement as a percentage (e.g., 70%) of salary—or, if specified, as a percentage of a targeted income amount--which can be adjusted for inflation. The calculator does not model distributions required from retirement accounts for income tax purposes.

Anticipated and suggested additional contributions and distributions are assumed to be made at the end of each period (i.e., 1 week, 2 weeks, 1 month, 3 months, 6 months, or 1 year). There are assumed to be 365/7 weekly and 365/14 biweekly periods in a year.

This calculator does not take into account the effect of federal or state taxes, or any investment fees or expenses.

This calculator does not take into account the contribution limits that apply to retirement plans.

This calculator assumes that no withdrawals are made from the investment portfolio during the accumulation period.

This is a hypothetical example, intended for illustration purposes only; it does not reflect the performance of any specific investment or portfolio.

Securities, insurance and advisory services offered through Royal Alliance Associates, Inc., member FINRA/SIPC Financial planning and additional advisory services offered through ARROW Investment Management, LLC. Insurance offered through ARROW Risk Management, LLC.  The ARROW Financial Group and related ARROW companies are not affiliated with Royal Alliance or registered as a broker-dealer.

Broadridge Investor Communication Solutions, Inc. does not provide investment, tax, or legal advice. The information presented here is not specific to any individual's personal circumstances.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

This communication is strictly intended for individuals residing in the state(s) of MI. No offers may be made or accepted from any resident outside the specific states referenced.
Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2023.