Retirement Saving Calculator for Setting Savings Goal

Retirement Saving Calculator Sign

This simplified retirement planning calculator will quickly estimate how much you will need to have saved by the time you retire to withdraw your desired monthly income for the duration of your life expectancy.

Plus, the calculator will also generate a year-by-year chart showing how your beginning balance will last for the number of years you want the income to cover.

Note that if you want to create a more comprehensive plan, and one that accounts for taxes and inflation, please visit the Retirement Fund Calculator.

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Retirement Saving Calculator

Calculate retirement savings needed to withdraw your desired monthly income, for the duration of your retirement.

Special Instructions

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Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Income/mon:Monthly income:Desired monthly retirement income:Desired monthly retirement income:

Desired monthly retirement income:

Enter your desired monthly retirement income. Enter as a dollar amount, but without the dollar sign and any commas.

$
Return rate:Rate of return:Annual return on investments:Annual return on investments:

Annual return on investments:

Enter the annual percentage rate you expect to earn on your investments once you retire. Please enter as a percentage, but without the percent sign (for .06 or 6%, enter 6).

%
Retire years:# retire years:Number of years to receive income:Number of years to receive monthly income:

Number of years to receive monthly income:

Enter the number of years you would like your monthly retirement income to last.

#
Savings need:Savings needed:Savings needed when you retire:Total savings needed when you retire:

Total savings needed when you retire:

Based on your entries, this is how much you will need to have saved by the time you retire in order to earn your desired monthly income. Remember, this estimate is before taxes and does not account for inflation.

If you would like to save the current entries to the secure online database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Help and Tools

Learn

The "secret" to retiring comfortably, and a 5-step plan for becoming a happy retiree.

Let's NOT Complicate Things

Look, no matter how complicated the ivory towers of finance make their investment products, the key to a comfortable retirement boils down to one simple principle:

Spend less than you earn and save the difference.

Unfortunately, while most people know exactly how much they earn, they have no clue as to how much they are spending.

Between buying on credit and being totally unaware of the opportunity cost of their personal belongings (nearly everything you own is wearing out or becoming obsolete as we speak), most people end up retiring to a life of trying to pay their bills with half the income they had before they retired.

The real shame of it all is that their banker would have gladly funded a large portion of their retirement for them.

Make Your Banker Fund Your Retirement Dreams!

When you deposit an amount of money to a bank, the bank in turn loans that money back out to a borrower. Of course, the borrower pays a monthly finance charge on the outstanding balance until they pay off the loan.

The cool thing is, your bank gives you a cut of the finance charge proceeds. But better yet, each time one borrower pays the bank back, the bank borrows it out again, and the process starts all over.

I know, nothing new there. But the point is, the longer you leave your deposit in the bank, the more times your money is borrowed out and paid back, and the more the bank pays you for that same one-time deposit.

A Small Deposit Now Can Rival Twice the Future Deposit

Using the Saving Account Interest Calculator we can see that if you are age 44 and the bank pays you 4% on money you put into, say a Roth IRA, depositing $200 now will be worth the same as a $445 deposit that you make 20-years from now (at age 64).

In other words, you only put $200 toward your retirement, but your banker added another $245 -- without you having to do any additional work!

But, the longer you wait to deposit the $200 into your retirement savings account, the less the bank is going to contribute. In our example, waiting only one month will save the banker $2! Is it your goal to help the bank to save money?

Don't let your banker off the hook!. Use the Retirement Saving Calculator on this page now to set a savings goal and then use the Savings Goal Deposit Calculator to calculate how much you need to set aside each month to meet your goal. Then start saving today!

My 5 Steps to a
Happy Retirement

1. Discover a work you would never dream of retiring from unless your health forced you to.

2. Downsize your current lifestyle (that's what businesses do, and your life IS a business).

3. Stop borrowing from your future income to subsidize today's wants.

4. Pay off all of your current debts as quickly as possible -- saving you (tens of) thousands of dollars in interest charges (tax-free returns).

5. Once debt-free, divert all or part of your freed-up debt payments into a Roth IRA.

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Adjust Calculator Width:

Move the slider to left and right to adjust the calculator width. Note that the Help and Tools panel will be hidden when the calculator is too wide to fit both on the screen. Moving the slider to the left will bring the instructions and tools panel back into view.

Also note that some calculators will reformat to accommodate the screen size as you make the calculator wider or narrower. If the calculator is narrow, columns of entry rows will be converted to a vertical entry form, whereas a wider calculator will display columns of entry rows, and the entry fields will be smaller in size ... since they will not need to be "thumb friendly".

Show/Hide Popup Keypads:

Select Show or Hide to show or hide the popup keypad icons located next to numeric entry fields. These are generally only needed for mobile devices that don't have decimal points in their numeric keypads. So if you are on a desktop, you may find the calculator to be more user-friendly and less cluttered without them.

Stick/Unstick Tools:

Select Stick or Unstick to stick or unstick the help and tools panel. Selecting "Stick" will keep the panel in view while scrolling the calculator vertically. If you find that annoying, select "Unstick" to keep the panel in a stationary position.

If the tools panel becomes "Unstuck" on its own, try clicking "Unstick" and then "Stick" to re-stick the panel.