Retirement Savings Calculator
Estimate how much you need to save each month for retirement.
Calculate Your Retirement Savings
Your Results:
Enter your details to see results.
How to Use This Calculator
This calculator helps you estimate how much you need to save each month to reach your retirement goal. Follow these steps:
- Step 1: Enter your current age and desired retirement age.
- Step 2: Input your desired retirement savings goal (e.g., $1,000,000).
- Step 3: Add your current retirement savings (e.g., $50,000).
- Step 4: Specify your expected annual return (e.g., 7%).
- Step 5: Click "Calculate" to see your results.
Use this tool to plan for your financial future and ensure you’re saving enough to retire comfortably. It’s especially helpful for setting long-term goals.
Frequently Asked Questions (FAQs)
Q1: How much should I save for retirement?
A common rule of thumb is to aim for 10-15 times your annual income by retirement age.
Q2: What is compound interest?
Compound interest is the interest earned on both the initial principal and the accumulated interest from previous periods.
Q3: What types of accounts should I use for retirement savings?
Popular options include 401(k)s, IRAs, and taxable brokerage accounts.
Q4: How does starting early affect my savings?
Starting early allows your money more time to grow through compound interest, significantly increasing your retirement savings.
Q5: Can I adjust my contributions over time?
Yes, you can increase your contributions as your income grows or your financial situation improves.