What Is a Retirement Calculator?

This retirement savings calculator projects how much your retirement account will be worth when you reach your target retirement age. It factors in your current savings, monthly contributions, and expected investment return to estimate your nest egg and the monthly income it can support using the 4% withdrawal rule.

How to Use This Calculator

Enter your current age and target retirement age.
Enter your current retirement savings (total across all accounts).
Enter your planned monthly contribution.
Enter your expected annual return (7%–8% is a reasonable long-term average).
Click Calculate Retirement to see your projected balance and estimated monthly income.

Retirement Savings Rules of Thumb

Save at least 15% of gross income for retirement, including any employer match.
The 4% Rule: Multiply your annual expenses by 25 to find your retirement target.
Max out tax-advantaged accounts first: 401(k) up to $23,000 in 2024, then IRA up to $7,000.
Always contribute enough to capture your full employer match — it is free money.

How Is Retirement Savings Projected?

FV = PV(1 + r)ⁿ + PMT × [(1 + r)ⁿ − 1] / r × (1 + r)

Variable Definitions

Future value at retirement

Current retirement savings

Monthly rate of return (annual return ÷ 12)

Number of months until retirement

PMT

Monthly contribution

💡 This projection uses an annuity-due formula (contributions at the beginning of each period). The result does not account for taxes on withdrawals or inflation, but provides a solid baseline estimate.

Frequently Asked Questions — Retirement Calculator

How much do I need to retire?

A common guideline is the 4% Rule: multiply your expected annual retirement expenses by 25 to get your target nest egg. For example, if you need $60,000/year, you should target $1.5 million. Our retirement calculator helps you project whether your current savings rate will get you there.

What is the maximum 401(k) contribution for 2024?

For 2024, the 401(k) contribution limit is $23,000 ($30,500 if you are 50 or older, thanks to the catch-up contribution provision). For IRAs, the limit is $7,000 ($8,000 if 50+). Maximizing tax-advantaged accounts is one of the most powerful retirement strategies available.

Does Social Security count toward my retirement income?

Yes, Social Security can be a significant component of retirement income. The average Social Security benefit in 2024 is about $1,907/month. You can estimate your benefit at ssa.gov. Our calculator focuses on personal retirement savings; add your estimated Social Security income to your projection for a complete picture.

Retirement Calculator