Retirement Savings Calculator

See if you're on track for the retirement.

How did we calculate your retirement savings?

Our calculator is designed to provide you with an understanding of the income you could potentially receive post-retirement, based on your current savings plan. We take into account your present age, monthly contributions, the current amount you have saved, and your expected interest rate to predict the total amount you would have saved when you reach your planned retirement age. This projection is carefully adjusted to account for inflation.

Desired Annual Income for Retirement

This represents the annual income you anticipate needing after you retire. It's an integral component of our calculations as it helps us evaluate whether your present savings plan will allow you to achieve this income yearly.

Your Current Annual Income

Your current annual income serves as a benchmark, allowing us to compare your existing lifestyle with your anticipated post-retirement lifestyle.

Expected Lifespan

The expected lifespan you input helps us gauge the duration for which your savings need to last. We utilize this figure to determine if your savings by the time of retirement can provide your desired annual income for the specified period.

Inflation Adjustment

We incorporate the inflation rate in our computations to present a more accurate depiction of the future. This consideration ensures that your desired annual income and your savings by retirement maintain their value when translated into future dollars.

Results

By clicking Calculate Retirement Savings, you receive an estimate of your savings at your planned retirement age and the necessary savings needed to achieve your desired annual income post-retirement. If your savings plan is on track, you'll receive a positive confirmation message! However, if it appears you may fall short, the calculator will provide the estimated additional amount you'll need to save. Bear in mind, this is an estimate and might not reflect your precise circumstances. It relies on numerous dynamic variables. We recommend utilizing this as a guide and consulting with a financial advisor for more personalized advice. Remember, it's never too late to begin saving for retirement. Every contribution, no matter how small, can lead to significant outcomes in the long term.

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