Retirement Goal Calculator

Set the target amount and target age, then add your current age and savings. Enter the monthly contribution, annual investment return, inflation rate, and annual contribution increase. If you save in multiple accounts, combine the contributions only if the total does not exceed what you can realistically maintain.

The default timeline is 35 years: age 65 − age 30 = 35. The model starts with $50,000 and adds a contribution each year. The monthly deposit begins at $500, or $6,000 in the first contribution year, and then rises by 3% annually. The return assumption is applied annually in the supplied compute logic, so the projection is not a month-by-month investment simulation.

The 401(k) calculator and 403(b) calculator can help estimate workplace-plan saving, while an IRA calculator or Roth IRA calculator can help examine another account type. For a broader plan that includes spending and income, use the retirement calculator.

The projection begins at $50,000. The calculator adds each year’s contribution and annual growth. The first contribution year is $500 × 12 = $6,000; later annual contributions increase by 3%. Across the 35-year projection, the supplied results show $362,772 in cumulative contributions and $1,300,464 in cumulative growth.

Years to target age = target age − current age
Years to target age = 65 − 30
Years to target age = 35

First-year contribution = monthly contribution × 12
First-year contribution = $500 × 12
First-year contribution = $6,000

Projected balance at target age = current savings + cumulative contributions + cumulative growth
Projected balance = $50,000 + $362,772 + $1,300,464
Projected balance = $1,713,236 (about $1,713,237 after annual rounding)

The supplied pre-computed projection is $1,713,237. It exceeds the $1,000,000 target by $713,237 in nominal terms. The calculator reports the goal reached by age 59 and an on-track figure of 171% in its summary result. The age-65 yearly row shows 159% because that row’s progress value is calculated before that year’s contribution and growth are added; the summary uses the final balance. Treat the final projection as the main comparison with your target.

Inflation-adjusted value is calculated by dividing the future balance by the cumulative inflation factor:

Inflation-adjusted value = projected balance ÷ (1 + inflation rate) ^ years
Inflation-adjusted value = $1,713,237 ÷ (1.025)^35
Inflation-adjusted value = about $721,908 in today’s dollars

The $1,000,000 target is a nominal target. If you mean “the buying power of $1,000,000 today,” you would need a larger nominal target at age 65. A retirement savings by age guide can provide a benchmark, but a personal target should reflect spending needs, guaranteed income, taxes, and retirement length.

The annual return has a strong effect over 35 years because investment growth compounds. The calculator’s what-if table illustrates how required monthly contributions vary under different return assumptions. For the supplied scenario, the 5% return row shows $628 monthly needed, $263,704 in total contributions, and $686,296 in growth. The 9% row shows $0 monthly needed, $0 total contributions, and $950,000 growth in that table’s what-if calculation because current savings alone grow beyond the target under its calculation setup.

*The supplied data provides only the first and last what-if rows, so exact intermediate row totals are not available here. In the main default projection, the monthly contribution is $500 and contributions rise 3% annually; the table’s monthly-needed calculation is a separate scenario. Do not treat higher returns as a saving strategy you can guarantee. The U.S. Securities and Exchange Commission explains the relationship between risk and potential investment return in its investor education material at investor.gov/introduction-investing.

A portfolio that earns a steady 7% every year is a simplifying assumption. Actual returns fluctuate, and the order of gains and losses changes the outcome. Test conservative returns and compare what happens if the target is moved earlier or later. A FIRE calculator can help explore an earlier financial independence date, while an advanced retirement calculator can account for a more detailed plan.

A nominal target is the future account balance written in future dollars. A real target expresses purchasing power in today’s dollars. The default target of $1,000,000 is reached in nominal terms, but the projected balance equals about $721,908 in today’s dollars under 2.5% inflation for 35 years.

That does not mean the calculator says the plan is inadequate. It means you need to define what the target represents. If the goal is simply a $1 million account balance, the nominal comparison answers that question. If the goal is to fund a specific lifestyle, estimate annual spending and expected income, then derive a target from the portfolio withdrawals required. Use a retirement income calculator or retirement expense calculator to connect savings with future cash flow.

Inflation affects the target as well as the projected balance. Social Security benefits, pensions, taxes, and spending may follow different adjustment patterns. A single 2.5% rate is a planning assumption, not an exact forecast of your personal costs. The Bureau of Labor Statistics describes the Consumer Price Index and its limitations at bls.gov/cpi.

This calculator projects total contributions without identifying whether they go into a 401(k), IRA, taxable account, or another investment. Account contribution limits still apply. For 2026, the employee elective deferral limit for 401(k), 403(b), and most governmental 457(b) plans is $24,500; the IRA contribution limit is $7,500. People age 50 and older may qualify for catch-up contributions, including a $8,000 401(k)/403(b)/457(b) catch-up and a $1,100 IRA catch-up under the stated 2026 limits. SECURE 2.0 provides a higher $11,250 catch-up limit for eligible participants ages 60–63 in certain workplace plans.

These limits can change and may depend on plan rules and eligibility. Verify current details with the IRS at irs.gov/retirement-plans. If the calculator’s monthly contribution exceeds what you can place in a tax-advantaged account, the excess may need a different account or a different assumption. For tax treatment after retirement, see how 401(k) withdrawals are taxed in retirement and the tax-efficient retirement withdrawal calculator.

The calculator uses an annual projection. For each year after the starting age, it estimates growth on the current balance, adds that year’s contribution, and increases the contribution by the annual contribution increase rate. It also calculates a real balance by dividing the nominal balance by cumulative inflation.

Years to target = max(0, target age − current age)

Annual contribution in year n = monthly contribution × 12 × (1 + contribution increase rate) ^ (n − 1)

Balance at year end = starting balance for year + annual growth + annual contribution

Real balance = nominal balance ÷ (1 + inflation rate) ^ years elapsed

For the default projection, the last year’s contribution is $16,391, reflecting 3% annual increases from the initial $6,000 annual contribution. The final-year growth is $111,009. The calculator’s reported cumulative contributions are $362,772 and cumulative growth is $1,300,464; rounding yearly display values can make the displayed components differ by a dollar from their sum.

Projected is the estimated balance at age 65: $1,713,237. Contributions is the cumulative amount added over the projection: $362,772. Growth is the modeled investment growth: $1,300,464. The difference between the projected nominal balance and its inflation-adjusted value is not a fee or loss; it represents the reduced purchasing power of future dollars under the inflation assumption.

The annual return table compares a range of return assumptions, showing monthly saving required, total contributions, and growth for each scenario. Use it to assess sensitivity, not to select a return you hope to earn. When a result says the target is reached, it means the modeled balance meets the nominal target under the selected inputs; it does not guarantee that the savings will fund a particular retirement lifestyle.

Does reaching $1 million mean I can retire comfortably?

No; a portfolio target does not describe the spending it can support. Compare the target with expenses, Social Security, pension income, taxes, and the length of retirement using a retirement needs calculator.

Why is the real projected balance only $721,908?

The calculator discounts the $1,713,237 future balance by 35 years of 2.5% inflation. That converts the nominal amount into an estimate of its purchasing power in today’s dollars.

Does the calculator assume monthly compounding?

No; the supplied compute function applies annual growth to the balance and adds annual contributions. It uses the monthly contribution to calculate an annual deposit, but it does not simulate each monthly contribution separately.

Why does the result say I reach the goal at age 59?

Under the default return, savings, and increasing contributions, the projected balance first crosses the nominal $1,000,000 target by that age. It is a model milestone, not a recommendation to retire at 59.

Should I raise contributions or work longer?

Raising contributions can increase the projected balance but reduces current take-home pay. Working longer may add savings time and shorten the retirement period, but changes your lifestyle and work plans. Test both options and compare their effect on income needs using the retirement goal calculator alongside a detailed retirement budget.

Can I enter any contribution amount even if it exceeds annual limits?

The projection accepts an amount, but it does not enforce tax-account contribution limits. For 2026, the stated employee 401(k) limit is $24,500 and the IRA limit is $7,500, with applicable catch-up rules. Check IRS limits before assigning contributions to a specific account.

Is a 7% return a safe or guaranteed assumption?

No; it is an input assumption, not a guaranteed rate. A higher assumed return can make a target appear easier to reach but also reflects investment risk and uncertainty.

What does the “on track” percentage mean?

It compares a projected balance with the target amount. In the supplied results, the summary reports 171% at the goal, while the age-65 row reports 159% because the row’s percentage is calculated before that year’s contribution and growth. Use the final projected balance and on-screen definition to interpret progress.

Decide whether your target is nominal or intended to preserve today’s purchasing power. Then rerun the projection with a lower return, a higher inflation rate, and a contribution increase you can sustain. To connect the balance target to a spending plan, explore a retirement number calculator, a retirement withdrawal strategy calculator, and how much to save for retirement each month.