Retirement Calculator
Project savings at retirement, the inflation-adjusted income they can sustain, the shortfall vs. your spending goal, and the extra monthly saving to close it.
Retirement Calculator: with the default inputs, projected savings at retirement is $2,031,621.
A 65-year-old today has about a 1-in-4 chance of living past 90; planning to 95 is prudent.
Yours plus any employer match.
In today's dollars, before tax. Many people need 70–80% of pre-retirement income.
Nominal. A stock-heavy portfolio has averaged ~10% before inflation; 7% is a common planning figure.
- …in today's dollars
- $837,001
- Sustainable annual spending (today's dollars)
- $36,367Inflation-indexed withdrawals that exhaust savings exactly at your planning age, plus Social Security.
- Surplus (+) or shortfall (−) vs. desired spending
- -$23,633
- Money runs out
- Age 81Withdrawing your desired spending, indexed to inflation.
- Savings needed at retirement for your goal
- $3,351,847
- Additional monthly saving to close the gap
- $1,082
Assumptions
- Contributions are level and made monthly; returns compound monthly at a constant rate before retirement and annually after.
- Withdrawals are taken at the start of each retirement year and rise with inflation; Social Security starts at retirement age and is inflation-indexed.
- The sustainable figure spends the pot down to zero exactly at your planning age; no bequest, taxes, fees or pension income.
| Age | Withdrawal (nominal) | In today's dollars | Balance at year end |
|---|---|---|---|
| 65 | $145,636 | $60,000 | $1,980,284 |
| 66 | $150,005 | $60,000 | $1,921,793 |
| 67 | $154,505 | $60,000 | $1,855,653 |
| 68 | $159,140 | $60,000 | $1,781,338 |
| 69 | $163,914 | $60,000 | $1,698,295 |
| 70 | $168,832 | $60,000 | $1,605,937 |
| 71 | $173,897 | $60,000 | $1,503,642 |
| 72 | $179,114 | $60,000 | $1,390,755 |
| 73 | $184,487 | $60,000 | $1,266,581 |
| 74 | $190,022 | $60,000 | $1,130,388 |
How this is worked out
The formula
Savings at retirement: FV = S × (1 + r/12)^n + C × [ (1 + r/12)^n − 1 ] ÷ (r/12), n = months to retirement Real return in retirement: ρ = (1 + r_post) ÷ (1 + i) − 1 Annuity factor (N years, withdrawn at start of year): a = (1 − (1 + ρ)^−N) ÷ ρ × (1 + ρ) Sustainable spending (today's $) = FV ÷ (1 + i)^years ÷ a + Social Security Needed at retirement = (spending − Social Security) × (1 + i)^years × a
Open How it’s calculated above to see this worked through with your own numbers.
What you enter
- Current age
- A number.from 16 to 100 · whole numbers only · defaults to 35
- Retirement age
- A number.from 17 to 110 · whole numbers only · defaults to 65
- Plan to age
- A 65-year-old today has about a 1-in-4 chance of living past 90; planning to 95 is prudent.from 18 to 120 · whole numbers only · defaults to 95
- Current retirement savings
- A number.in dollars · 0 or more · defaults to 100000
- Monthly contribution
- Yours plus any employer match.in dollars · 0 or more · defaults to 1000
- Desired annual spending in retirement
- In today's dollars, before tax. Many people need 70–80% of pre-retirement income.in dollars · 0 or more · defaults to 60000
- Return before retirement
- Nominal. A stock-heavy portfolio has averaged ~10% before inflation; 7% is a common planning figure.a percentage · from -20 to 30 · defaults to 7
- Return in retirement(under More options)
- Usually lower — retirees hold more bonds.a percentage · from -20 to 30 · defaults to 5
- Inflation(under More options)
- A number.a percentage · from 0 to 20 · defaults to 3
- Expected Social Security(under More options)
- In today's dollars, starting at your retirement age. Get your estimate at ssa.gov/myaccount.in dollars · 0 or more · defaults to 0
What you get back
- Projected savings at retirementmain answer
- …in today's dollars
- Sustainable annual spending (today's dollars)
- Inflation-indexed withdrawals that exhaust savings exactly at your planning age, plus Social Security.
- Surplus (+) or shortfall (−) vs. desired spending
- Money runs out
- Withdrawing your desired spending, indexed to inflation.
- Savings needed at retirement for your goal
- Additional monthly saving to close the gap
What this assumes
- Contributions are level and made monthly; returns compound monthly at a constant rate before retirement and annually after.
- Withdrawals are taken at the start of each retirement year and rise with inflation; Social Security starts at retirement age and is inflation-indexed.
- The sustainable figure spends the pot down to zero exactly at your planning age; no bequest, taxes, fees or pension income.
About this calculator
Retirement planning is two problems joined at one date: how big the pot gets while you're saving, and how much income that pot can pay out, rising with inflation, for as long as you might live. Most calculators stop at the first number. This one carries on to the question you actually care about — will it cover what I want to spend — and tells you what to change if it won't.
How to use it
Enter your age, when you'd like to stop, and an age to plan to (95 is a sensible default; running out at 88 is a worse mistake than dying with money). Add what you've saved, what you and your employer put in each month, and the annual spending you'd want in today's money. Under More options you can set separate returns before and after retirement, the inflation rate, and expected Social Security — your statement at ssa.gov gives that in today's dollars, which is exactly what this calculator wants.
Reading the results
- Projected savings at retirement is the nominal pot. The today's dollars line beneath it is the honest version.
- Sustainable annual spending is the inflation-indexed amount your savings can pay every year until your planning age, with nothing left over, plus Social Security. Compare it directly with your spending goal; the surplus/shortfall line does that for you.
- Money runs out simulates withdrawing your desired spending (indexed) and reports the age the balance hits zero — or confirms it lasts.
- Additional monthly saving is the fix: the extra you'd need to contribute from now to fund the goal exactly. If it's zero, you're on track.
The assumptions, stated plainly
Returns are constant averages; real markets deliver them in lumps, and a bad run in the first years of retirement hurts more than the same run later (sequence risk). A 4–5% post-retirement return with 3% inflation implies a real return of roughly 2%, which is deliberately conservative. Social Security is assumed to start at your retirement age and rise with inflation, as it does by law. Taxes are not modelled: withdrawals from traditional 401(k)s and IRAs are taxable income, so gross up your spending target if most of your savings are pre-tax. Pensions, part-time work, downsizing and inheritances aren't included — add any of them to the Social Security field as a monthly equivalent.
Use Solve for to answer "what retirement age gives me zero shortfall?" or "what return would I need?" — and if the second answer is above 8%, change the plan, not the assumption.
Frequently asked questions
▸How much do I need to retire?
A common shortcut is 25× your annual spending net of Social Security and pensions (the 4% rule). This calculator computes it precisely for your horizon and return assumptions in the 'savings needed at retirement' line.
▸What return should I assume?
A balanced portfolio has returned around 7–8% a year nominally over long periods; 6–7% before retirement and 4–5% after, with 3% inflation, is a reasonable base case. Test lower figures too.
▸Does the calculator account for inflation?
Yes. Your spending goal and Social Security are in today's dollars and are inflated to each future year; the sustainable-withdrawal figure is reported back in today's dollars so it's comparable to your current budget.
▸What about taxes on withdrawals?
They're not modelled. If most of your savings are in traditional 401(k)s or IRAs, withdrawals are taxed as income, so set your spending target to the pre-tax amount you'll need to withdraw.
▸When should I claim Social Security?
Benefits rise about 8% for each year you delay between 62 and 70. If you're healthy and can fund the gap, delaying is usually the best-paying 'annuity' available. Enter the estimate for the age you plan to claim.
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