Retirement Savings Calculator

Retirement Savings Calculator Help

Although many inputs may appear self-explanatory, review the information below. Several details are important to understand.

Your current age — the age at which you plan to begin saving or investing.

Retirement income lasts until age — if “For retirement income, withdraw only interest” is not checked, the plan assumes you will not receive income from investments beyond this age.

Annual contribution increase — assumes your annual contribution will rise over time. Enter the average annual increase you expect. To allow for inflation, enter an amount less than your assumed average inflation rate. For example, if you plan to contribute 3% more each year and inflation averages 2% per year, enter 1%.

Annual contribution toward retirement — enter the amount you plan to save each year for your retirement fund. Generally, the older you are, the higher the contribution must be to reach your retirement income goal.

Current retirement savings — if you have already started saving, enter the total amount currently in your retirement account.

ROI for retirement savings — your expected average annual return on investments. If funds were placed in a standard savings account (not necessarily recommended), this value would equal the account’s annual interest rate.

You want to retire at what age — the age at which you plan to retire. The calculator assumes your last contribution occurs in the prior year and your first withdrawal occurs at your retirement age.

ROI during retirement — the rate of return you expect after you retire. You may use the same percentage as “ROI for retirement savings,” but many retirees shift to more conservative assets that produce lower returns.

Annual inflation rate — if you want retirement income to increase over time, enter an estimated inflation rate. Income will increase by this amount each year.

Expected income from gov’t — if you expect Social Security or a government pension, enter the annual amount. This income, plus any other income sources, is deducted from “annual income required” to determine the income your savings must generate.

Other annual income — if you expect income from sources other than retirement savings and government benefits, enter the annual amount. For example, if you expect an employer pension, enter the annual pension amount. This income and Social Security are deducted from “annual income required” to determine the income your retirement fund must provide.