Retirement Calculator

Find out whether your retirement savings, income, and spending plan are on track. This retirement calculator projects your financial future year by year — from today through retirement — using your current savings, contributions, employer match, investment returns, Social Security, pension income, taxes, healthcare costs, and inflation. Enter your numbers and get a retirement readiness score, projected savings at retirement, estimated total amount needed, first-year income, withdrawal rate, and the age your money may last until.

Whether you are wondering how much you need to retire, checking your retirement savings by age, or testing whether you can retire at 55 or retire at 60, this calculator gives you a clear starting point.

The calculator separates your plan into two phases. Before retirement, it projects savings growth using your current retirement balance, annual contributions, employer match, salary growth, and expected pre-retirement investment return. After retirement, it estimates annual withdrawals based on your spending target, Social Security, pension income, other income, taxes, healthcare costs, inflation, and post-retirement investment return.

The results include charts showing how your portfolio may grow and draw down, how much of your savings comes from contributions versus investment growth, and how retirement income compares with expenses year by year.

Start with your basic timeline. Enter your current age, planned retirement age, and life expectancy. These three numbers determine how many years you have to save and how many years your portfolio may need to support withdrawals.

Next, add your current retirement savings. Include balances from accounts such as a 401(k), IRA, Roth IRA, 403(b), TSP, SEP IRA, SIMPLE IRA, brokerage account, or other long-term retirement investments. If you are not sure whether to include taxable brokerage assets, include them if you plan to use them for retirement spending.

Then enter how much you save each year. The annual contribution field should include your own contributions to retirement accounts. The employer match fields estimate additional savings from a workplace plan. For example, if your employer matches 50% of contributions up to 6% of salary, the calculator adds that match based on your income and annual contribution. Not sure how much to contribute? Try the 401(k) contribution calculator.

After that, enter investment assumptions. The pre-retirement return is used while you are still saving. The post-retirement return is used after retirement, when many people use a more conservative portfolio. The inflation rate increases future expenses and certain income streams over time.

Add retirement income sources next. Social Security, pension income, and other retirement income reduce how much your portfolio needs to cover. If you expect rental income, part-time work, annuity payments, dividends, or other recurring income, include it in the other retirement income field.

Finally, choose how to estimate retirement spending. You can use an income replacement percentage or enter a specific monthly retirement income target. The replacement method is faster. The monthly target is better if you already have a retirement budget.

Current Age, Retirement Age, And Life Expectancy

Your current age and retirement age determine your saving window. A longer saving window gives contributions and investment growth more time to compound. Your life expectancy determines how long the retirement phase lasts. A longer retirement requires more savings, lower withdrawals, more guaranteed income, or some combination of the three.

Do not treat life expectancy as a prediction of the exact age you will reach. It is a planning assumption. Many retirees plan beyond average life expectancy because running out of money late in life is one of the biggest retirement risks.

Current Retirement Savings

Current retirement savings is the amount you already have invested for retirement. This number is the starting point for the projection. A higher current balance usually has a large effect because it can compound for many years before retirement.

Include retirement assets you expect to use for future income. Do not include emergency savings, short-term cash, home equity, or college savings unless you realistically plan to use those assets for retirement spending. To see how long a specific amount might last, try how long will $1 million last in retirement or how long will $500K last in retirement.

Annual Contribution

Annual contribution is how much you add to retirement savings each year. If you contribute to several accounts, combine the annual amounts. For example, someone saving $8,000 to a 401(k) and $3,000 to a Roth IRA would enter $11,000. Not sure how much to save? See how much should I save for retirement each month.

Small increases can matter because contributions affect the plan in two ways. They directly raise the amount saved, and they create more money that can earn investment growth over time.

Employer Match And Match Limit

Employer match estimates how much your employer contributes to your retirement plan. The match percentage is the amount your employer contributes relative to your contribution. The match limit is the maximum share of salary eligible for matching. Use the TSP match calculator if you are a federal employee.

Employer match is often one of the highest-value inputs in the calculator. If you are not contributing enough to receive the full match, the projection may understate what is possible if you increase contributions.

Investment Return Before And After Retirement

The pre-retirement return applies during the accumulation phase. This is when many people hold a growth-oriented portfolio because they have time before withdrawals begin.

The post-retirement return applies after retirement. Many retirees reduce risk because they are withdrawing money and have less time to recover from major losses. Using a lower return after retirement is usually more conservative than assuming the same return forever.

These return assumptions are averages, not guarantees. Real markets do not move in a straight line. A calculator projection is useful for planning, but it cannot predict exact investment performance.

Inflation Rate

Inflation increases future expenses. A retirement spending target that looks comfortable today may require much more money 20 or 30 years from now. The calculator adjusts future spending by the inflation rate so the projection does not treat today's dollars and future dollars as equal. Learn more in how inflation affects retirement savings.

Even a small difference in inflation can change the result. A plan that works at 2.5% inflation may look weaker at 4% inflation, especially for a long retirement.

Social Security Start Age

Social Security start age controls when Social Security income begins in the projection. Claiming earlier can provide income sooner, but monthly benefits are usually lower. Delaying can increase monthly benefits, but it requires other income or withdrawals in the meantime. See when to take Social Security: 62 vs 67 vs 70 for a detailed comparison.

Use an estimate from your Social Security account when possible. If you are married, run separate scenarios for each spouse or use a calculator built for household Social Security planning, like the retirement calculator for couples.

Pension And Other Retirement Income

Pension income is monthly income from a defined benefit pension. Other retirement income can include rental income, annuity income, part-time work, royalties, or other recurring cash flow.

These income sources matter because they reduce the amount your portfolio needs to supply. A retiree with a strong pension and Social Security benefit may need a smaller portfolio than someone funding most expenses from savings.

Retirement Spending Target

The calculator can estimate spending with an income replacement rate or a specific monthly income target. An income replacement rate uses a percentage of your current income, such as 70% or 80%. This is useful when you do not have a retirement budget yet. For context, see what is a good retirement income.

A specific monthly target is usually better if you know your expected expenses. For example, if you estimate that housing, healthcare, food, transportation, travel, taxes, and insurance will cost $5,500 per month, enter that number instead of relying only on a rule of thumb. The retirement expense calculator and retirement spending calculator can help you build a more detailed estimate.

Healthcare Cost And Retirement Tax Rate

Healthcare costs can rise faster than general inflation. The advanced healthcare inputs let you model a separate monthly healthcare cost and healthcare inflation rate. For a deeper look, see how much does healthcare cost in retirement or use the retirement healthcare cost calculator.

The retirement tax rate estimates the tax drag on portfolio withdrawals. This is important because a $50,000 spending gap may require more than $50,000 in withdrawals if money comes from pre-tax accounts. Traditional IRA and 401(k) withdrawals are generally taxable, while Roth withdrawals may be tax-free if qualified. Learn about tax-efficient withdrawal strategies to keep more of your money.

The calculator first projects your savings from today to retirement. Each year before retirement, it adds your annual contribution, estimated catch-up contributions when applicable, and employer matching contributions. Then it applies the pre-retirement investment return to estimate growth.

At retirement, the calculator switches to the distribution phase. It estimates your annual spending need by inflating your retirement income target over time. If healthcare costs are included, it adds those costs separately and grows them using the healthcare inflation assumption.

Next, the calculator subtracts non-portfolio income such as Social Security, pension income, and other retirement income. Whatever remains is the spending gap that must be funded by portfolio withdrawals. Because withdrawals may be taxable, the calculator adjusts withdrawals using the retirement tax rate.

After withdrawals are taken, the remaining portfolio balance grows using the post-retirement return. This continues year by year until the end of the projection or until the portfolio reaches zero.

The readiness score summarizes the result. It weighs how well projected savings cover the estimated amount needed and whether money lasts through the retirement period. A high score suggests the assumptions are on track. A lower score means the plan may need higher savings, lower spending, later retirement, more income, or more conservative assumptions.

This calculator uses a year-by-year projection instead of one single shortcut formula. Each year is calculated based on your age, savings balance, contributions, income sources, expenses, taxes, inflation, healthcare costs, and expected investment return.

Timeline Formulas

The calculator starts at your current age and projects one year at a time until life expectancy. Years before retirement use the accumulation formula. Years after retirement use the withdrawal formula.

Retirement Spending Target

If you use the income replacement method, the calculator estimates monthly retirement spending from your current income:

target monthly income = annual income x income replacement rate / 12

If you enter a specific monthly spending target, the calculator uses that number directly:

target monthly income = desired monthly retirement income

For each future retirement year, the calculator adjusts that target for inflation:

annual retirement expenses = target monthly income x 12 x inflation factor

Pre-Retirement Savings Formula

Before retirement, the calculator adds your own contributions, catch-up contributions if eligible, and employer match. Then it applies the pre-retirement investment return.

employer match = min(salary x match limit, annual contribution) x employer match rate

annual contributions = annual contribution + catch-up contribution + employer match

investment growth = current savings x pre-retirement return

ending savings = current savings + annual contributions + investment growth

The calculator also grows salary each year using the salary growth rate:

next year's salary = current salary x (1 + salary growth rate)

Retirement Withdrawal Formula

After retirement, the calculator first estimates income that does not come from your portfolio.

Social Security income = monthly Social Security x 12 x inflation adjustment

pension income = monthly pension x 12 x inflation factor

other retirement income = monthly other income x 12 x inflation factor

If healthcare costs are included, the calculator grows healthcare separately using the healthcare inflation rate:

healthcare cost = monthly healthcare cost x 12 x healthcare inflation factor

Total expenses are retirement spending plus healthcare:

total expenses = annual retirement expenses + healthcare cost

Then the calculator subtracts guaranteed and recurring income from expenses:

gross portfolio withdrawal = max(0, total expenses - Social Security - pension - other income)

Because withdrawals may be taxable, the calculator adjusts the withdrawal for the retirement tax rate:

tax-adjusted withdrawal = gross portfolio withdrawal / (1 - retirement tax rate)

The calculator will not withdraw more than the remaining savings balance:

actual withdrawal = min(current savings, tax-adjusted withdrawal)

After the withdrawal, remaining savings grow using the post-retirement return:

retirement growth = max(0, current savings - actual withdrawal) x post-retirement return

ending savings = max(0, current savings - actual withdrawal + retirement growth)

Result Formulas

The readiness score is based on whether savings lasts through the full retirement period:

if savings lasts through life expectancy:
  readiness score = 100
else:
  readiness score = years covered / years in retirement x 100

This makes the score easy to interpret. A score of 100 means the projection lasts through life expectancy under the assumptions entered. A lower score means savings runs out before the end of the projected retirement period.

There is no single retirement number that works for everyone. The amount you need depends on how much you spend, how long retirement lasts, how much guaranteed income you receive, how your investments perform, how taxes affect withdrawals, and how inflation changes future costs. For a detailed breakdown, read how much do I need to retire.

Two households with the same savings can have very different outcomes. A retiree who needs $4,000 per month and receives $3,000 from Social Security and a pension only needs the portfolio to cover the remaining gap. Another retiree who needs $7,000 per month and has little guaranteed income may need a much larger portfolio.

Rules of thumb can be useful starting points. Some planners use 70% to 80% of pre-retirement income as a spending target. Others use the 4% rule, withdrawing around 4% of the portfolio in the first year of retirement and adjusting for inflation. You can test this directly with the 4% rule withdrawal calculator. These shortcuts can help frame the problem, but they are not a replacement for a detailed projection.

The strongest retirement estimate starts with a real spending plan. Housing, healthcare, insurance, taxes, travel, food, transportation, debt, and family support can all change the amount needed. Use the calculator to compare several scenarios instead of relying on one perfect answer.

While every situation is different, these benchmarks can help you gauge where you stand. Many financial planners suggest saving a multiple of your annual salary by certain ages:

• By age 30: 1x your annual salary
• By age 40: 3x your annual salary
• By age 50: 6x your annual salary
• By age 55: 7x your annual salary
• By age 60: 8x your annual salary
• By age 67: 10x your annual salary

These are rough guidelines. Your actual target depends on your spending, income sources, and retirement age. See retirement savings by age for a more detailed breakdown, or use the retirement age calculator to find the right retirement age for your savings level.

The income replacement method estimates retirement spending as a percentage of current income. If you earn $100,000 and choose an 80% replacement rate, the calculator starts with an $80,000 annual retirement spending target before inflation adjustments.

This method is convenient, but it can be too broad. It may overstate needs for someone who will pay off a mortgage, move to a lower-cost area, or have lower taxes in retirement. It may understate needs for someone with high healthcare costs, rent, debt, family support, or major travel plans.

The monthly spending method is more direct. It asks how much income you want each month in retirement. This is often better for people who have already built a retirement budget.

Use income replacement for a quick estimate. Use monthly spending when you want a more realistic plan. If the two methods produce very different results, that is a sign to review your expected retirement expenses more carefully.

The retirement readiness score is a quick indicator of whether the plan appears strong, moderate, or weak based on the assumptions entered. It should not be treated as a guarantee. It is a summary of the projection.

Total needed estimates the amount of retirement spending the plan must support over time. This includes inflation-adjusted spending and any modeled healthcare costs.

Projected savings shows the estimated portfolio value at your retirement age. This is the result of current savings, future contributions, employer match, catch-up contributions, salary growth, and investment growth before retirement.

Monthly retirement income shows the estimated first-year retirement income from the plan. Depending on your inputs, this can include portfolio withdrawals, Social Security, pension income, and other income.

The withdrawal rate shows how much of the portfolio is withdrawn in the first year of retirement. A high withdrawal rate can increase the risk of running out of money, especially if markets perform poorly early in retirement. Learn more about safe withdrawal strategies in the 4% rule explained.

The savings growth and drawdown chart shows the full arc of the plan. Ideally, the portfolio grows before retirement and declines gradually after retirement. A sharp early decline can signal that spending is too high, retirement is too early, or income assumptions need review.

The contributions versus growth chart shows how much of your projected savings comes from money you contribute compared with investment growth. This helps users understand the role of compounding.

The income sources chart shows where retirement income comes from. A plan with multiple income sources may depend less on portfolio withdrawals. The annual cash flow chart compares retirement income and expenses by year, which helps identify periods where the portfolio must cover a larger gap.

The healthcare projection highlights medical cost growth. This is important because healthcare can become a larger share of retirement spending over time.

If the results are weaker than expected, start with the inputs you can control. Increasing annual contributions is often the most direct improvement. Even a modest increase can compound over many years. If you feel behind, read is it too late to save for retirement — the answer is almost always no.

Capturing the full employer match is another high-impact step. If your employer offers a match and you are not contributing enough to receive it, that is usually worth reviewing.

Retiring later can improve the plan in several ways. It gives your savings more time to grow, shortens the withdrawal period, and may increase Social Security benefits if you delay claiming. Use the retirement age calculator to see how different retirement ages change your outcome.

Reducing retirement spending also has a large effect. Lower spending reduces annual withdrawals and can make a portfolio last longer. This does not always mean cutting lifestyle. It may mean paying off debt, relocating, optimizing taxes, or planning healthcare more carefully.

You can also improve the plan by increasing guaranteed income. Pension income, delayed Social Security, annuity income, rental income, or part-time work can reduce pressure on the portfolio.

Tax planning can help as well. Roth conversions, withdrawal sequencing, and managing taxable income may reduce future tax drag. Use conservative assumptions when testing returns, inflation, and healthcare costs. A plan that works under conservative assumptions is usually more durable.

The first common mistake is ignoring inflation. Retirement can last 25 to 35 years or more. A spending target that works today may not work decades from now. Use the inflation-adjusted retirement calculator to see the difference inflation makes.

Another mistake is using the same investment return before and after retirement. Many retirees hold a more conservative portfolio after they stop working. A lower post-retirement return may produce a more realistic estimate.

Many users also forget taxes. If most savings are in traditional retirement accounts, withdrawals may be taxable. That means the portfolio may need to withdraw more than the spending gap. Learn how 401(k) withdrawals are taxed in retirement.

Healthcare is another frequent blind spot. Medicare does not eliminate all healthcare costs, and pre-Medicare retirees (those retiring before age 65) may face especially high insurance premiums from the ACA marketplace or COBRA. Even after age 65, Medicare Part B premiums, Part D drug coverage, Medigap or Medicare Advantage costs, dental, vision, and long-term care can add up to thousands per year. See how much does healthcare cost in retirement.

Overestimating Social Security can also distort the plan. Use your actual Social Security estimate when possible. If you are decades from retirement, test a lower benefit scenario to see how sensitive the plan is. Learn more about how much you will get from Social Security.

Finally, do not treat one calculator result as final. Retirement planning is a moving target. Update the projection when income, savings, expenses, market values, tax law, health, or retirement goals change.