Calculation Hub

Retirement Calculator

Estimate how much you need to save for a comfortable retirement and see if you're on track

Personal Information
Savings & Contributions

Projected Retirement Savings

$2,376,362

at age 65

✓ You're on track!

Your savings should cover your retirement needs

Years to Retirement

35

Years in Retirement

20

Monthly Withdrawal

$18,424

Total Contributed

$470,000

Planning for Retirement

Retirement planningis one of the most important financial goals you'll ever have. The earlier you start, the more time your money has to grow through compound interest.

Key Retirement Concepts

  • The 4% Rule: Withdraw 4% of your retirement savings annually to make it last 30 years
  • Employer Match: Always contribute enough to get your full employer 401(k) match
  • Tax-Advantaged Accounts: Use 401(k), IRA, and Roth IRA to minimize taxes
  • Diversification: Spread investments across stocks, bonds, and other assets
  • Social Security: Factor in Social Security benefits (typically 40% of pre-retirement income)
Retirement Savings Strategies

1. Start Early

Time is your greatest asset. Starting at 25 vs. 35 can mean hundreds of thousands more in retirement savings.

2. Maximize Employer Match

Employer matching is free money. Always contribute at least enough to get the full match.

3. Increase Contributions Over Time

Increase your contribution rate by 1% each year or whenever you get a raise.

4. Diversify Investments

Use a mix of stocks, bonds, and other assets appropriate for your age and risk tolerance.

5. Consider Healthcare Costs

Healthcare is a major retirement expense. Plan for Medicare gaps and long-term care insurance.

6. Plan for Inflation

Your retirement income needs to keep pace with inflation, which averages 3% annually.

Frequently Asked Questions

How much do I need to retire comfortably?

A common rule is to aim for 70-80% of your pre-retirement income. If you earn $100,000 annually, target $70,000-$80,000 per year in retirement.

What's the difference between a 401(k) and IRA?

A 401(k) is employer-sponsored with higher contribution limits ($22,500 in 2023). An IRA is individual with lower limits ($6,500), but offers more investment options.

Should I choose Traditional or Roth retirement accounts?

Traditional accounts offer tax deductions now but taxed withdrawals later. Roth accounts use after-tax money but offer tax-free withdrawals. Choose based on current vs. expected future tax rates.

When can I access my retirement savings?

Generally at age 59½ without penalties. Early withdrawals typically incur a 10% penalty plus income taxes. Required Minimum Distributions (RMDs) begin at age 73.

What if I'm starting late?

It's never too late. Maximize contributions, take advantage of catch-up contributions (age 50+), delay retirement if possible, and consider working part-time in retirement.