Retirement Savings Calculator
Estimate how much your retirement savings could grow based on your current balance, contributions, time horizon and expected annual return.
Overview
A retirement savings calculator helps you estimate how much you could have by retirement based on your current age, planned retirement age, current savings, monthly contributions and expected annual return. It is useful for checking whether your current plan is on track toward a target balance.
How it works
The calculator first works out how many months remain until retirement. It then estimates how your current savings may grow using the annual return converted to a monthly rate. Next, it adds the future value of your regular monthly contributions over the same period. The final projected savings balance is compared with your target to show whether you may be ahead of or behind your goal.
How to use this calculator
- 1Enter your current age.
- 2Add the age you expect to retire.
- 3Enter your current retirement savings balance.
- 4Input how much you plan to contribute each month.
- 5Add an expected annual return and your target savings amount.
- 6Review your projected balance, total contributions and target gap.
Example Calculation
Current age
35
Retirement age
67
Current retirement savings
$50,000
Monthly contribution
$500
Expected annual return
7%
Retirement savings target
$1,000,000
Projected retirement savings
$1,180,825
For someone aged 35 planning to retire at 67 with $50,000 already saved, contributing $500 per month and earning an average 7% annual return, the projected retirement balance is about $1,012,000. That would be slightly above a $1,000,000 target.
Frequently asked questions
What does this retirement savings calculator estimate?
It estimates the value of your retirement savings at your chosen retirement age using your current balance, monthly contributions and expected annual return.
Does this calculator include inflation?
No. The result is a nominal estimate unless you reduce the annual return input to reflect inflation or adjust your target accordingly.
Are investment returns guaranteed?
No. The annual return input is only an estimate, and real investment performance can be higher or lower over time.
What is the difference between total contributions and investment growth?
Total contributions are the amounts you put in yourself, including your current savings. Investment growth is the estimated increase from returns over time.
Can I use this calculator for pension planning?
Yes, it can be used as a general pension or retirement savings estimate, but it does not account for plan-specific rules, employer contributions, taxes or withdrawal strategies.
What if I retire earlier or later?
Changing your retirement age changes the number of years your money can grow and the number of contributions you can make, which can affect the result significantly.
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Assumptions and warnings
Assumptions
- This calculator assumes monthly contributions are made consistently until retirement.
- The expected annual return is an average rate and actual returns can vary from year to year.
- Results are shown before inflation, taxes, fees and withdrawal decisions unless you adjust your inputs to reflect them.
- Your target amount is treated as a simple savings goal and does not estimate retirement income needs directly.
Warnings
- This calculator provides an estimate only and is not financial advice.
- Investment returns are not guaranteed and actual retirement outcomes may differ significantly.
- Consider fees, taxes, inflation and changes in contributions before making major financial decisions.