Calculates the required monthly savings to reach your retirement income goal, considering your current age, retirement age, current savings, and expected interest rate.
Start with your values, or try a preset.
Enter Current Age (Years), Retirement Age (Years), Desired Annual Retirement Income ($), Current Retirement Savings ($), Annual Interest Rate (%), and Expected Inflation Rate (%) in the units shown.
Read Estimated Savings Needed at Retirement ($), Years Until Retirement, Savings Gap at Retirement ($), and Required Monthly Savings ($) in the results panel. Results update as you change the inputs.
Choose a preset to load an example, then adjust the values for your situation.
See the inputs and their calculated results.
Current Age (Years): 25; Retirement Age (Years): 65; Desired Annual Retirement Income ($): 50,000; Current Retirement Savings ($): 10,000; Annual Interest Rate (%): 7; Expected Inflation Rate (%): 3
Estimated Savings Needed at Retirement ($): 1,250,000 $; Years Until Retirement: 40 years; Savings Gap at Retirement ($): 1,100,255.422 $; Required Monthly Savings ($): 32.14943785 $
Current Age (Years): 40; Retirement Age (Years): 65; Desired Annual Retirement Income ($): 75,000; Current Retirement Savings ($): 75,000; Annual Interest Rate (%): 7; Expected Inflation Rate (%): 3
Estimated Savings Needed at Retirement ($): 1,875,000 $; Years Until Retirement: 25 years; Savings Gap at Retirement ($): 1,467,942.552 $; Required Monthly Savings ($): 135.3854308 $
Current Age (Years): 55; Retirement Age (Years): 65; Desired Annual Retirement Income ($): 40,000; Current Retirement Savings ($): 150,000; Annual Interest Rate (%): 7; Expected Inflation Rate (%): 3
Estimated Savings Needed at Retirement ($): 1,000,000 $; Years Until Retirement: 10 years; Savings Gap at Retirement ($): 704,927.2964 $; Required Monthly Savings ($): 297.6217844 $
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