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a retirement calculator
Retirement Calculator

Are you on track?

  • Considers pre and post retirement cash flows
  • Allows for multiple income sources
  • Factor in inflation - Yikes!

Not to preach or sound like some ol' fart, but let me tell you, from the perspective of someone who has reached their 60s, retirement time comes much faster than you would think is even possible.

Don't believe me?

Here's what Market Watch has learned:

"More than 40% of Americans are at risk of going broke in retirement — and that’s the good news..."

If workers understood how fast retirement creeps up, do you think they would allow themselves to get in such a dire circumstance?

Maybe yes. Maybe no.

For best results, turn your device   

Retirement Plan

* According to information you entered, your money will run out before you reach your life expectancy.

Pre-Retirement Investing

Post Retirement Income

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Info...

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Click, copy, paste this URL to save the inputs for yourself or to share with others.

This custom URL updates when you click the "Calc", "Clear" or "Schedule" buttons. Paste it into a browser's address bar to reload.

Other Retirement Calculators

As described below, the above calculator can solve for multiple unknowns, and it will answer any of your common retirement questions. On the other hand, the below three calculators take up less screen space, and they may be more appropriate for smaller computing devices. They are also designed to answer one question directly and therefore require less study to use. You might want to check them out as well.

Help With My Best Retirement Calculator

The above calculator takes into account your current retirement savings plus additional contributions from your income as well as (optional) projected wage gains and evaluates your goals. It then charts your post retirement income to see if you are on track to meet those goals.

"ROI during retirement" rate goes into effect the day the last retirement contribution is made rather than on the day of the first income withdrawal. Setting the effective date equal to the final contribution date is a slightly more conservative approach when the after retirement rate is lower than the before retirement rate. (It is a less conservative approach when the opposite is true.)

The calculator has 13 inputs, 4 of them are required:

  • Your Current age
  • Annual income
  • ROI for retirement savings - return-on-investment
  • ROI during retirement

The calculator will calculate any one of four unknowns. Enter "0" (zero) for one of the four and a value for each of the other three:

  • Your life expectancy
  • Percent of income invested
  • Your age at retirement
  • Annual income required

There are five optional inputs. You may leave any or all of them set to "0":

  • Annual income increase
  • Current retirement savings
  • Annual inflation rate
  • Income from government
  • Other annual income

Examples Creating Your Retirement Schedule & Chart

Retirement planning involves many variables. As with other financial calculators on this site, this retirement planning calculator can solve for multiple unknowns. Below are questions that can be answered based on your assumptions using the values you provide.

  • How much do I need to save to retire?
    • Set "Percent of income invested" to "0.0%"
    • Hover mouse over gold contribution line in the chart to see annual retirement contribution
  • When can I retire?
  • Do I have enough to retire?
  • At what age can I retire?
    • Set "Your age at retirement?" to "0"
      • If calculated age equals your current age, then you have enough to retire now.
  • How much do I need to retire?
  • What will my retirement income be?
    • Set "Desired retirement income" to "0"
    • After calculating, see "Savings at retirement" in the chart
  • How long will my money last?
    • Set "Desired retirement income" to the total income you want including other income
    • Set "Your life expectancy" to "0"
      • The result is the age at which the depletion of your retirement savings occurs.

Click on the calculator's "Help" button for more details about each input.

Preparing for Retirement — Assumptions

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Generally, when someone retires, their investments become more conservative. More conservative investments usually have a lower rate of return, yield, or interest rate. Therefore, the calculator gives the user the option for two rates of return — one for the pre-retirement investment, and one for the after retirement investment. The investment rate change happens on the date of the last contribution.

Click the schedule button for details.

If you want to enter an amount to invest, not a percentage

When it comes to the amount you are contributing toward your retirement, some users may not care to think in terms of percentage of income invested. Instead, some may rather think in terms of an absolute amount they plan to contribute. If that's the case, set "percent of income invested" to 100% and enter for "annual income" the amount you plan to invest. Naturally, the "annual income increase" feature will also work if you select this approach.

an IRR calculator
IRR Calculator

Calculate an annualized rate-of-return and more.

  • Exact date investments and withdrawals
  • Calculates net present value too.
  • Know your rate of return across multiple accounts and investments

Answers the question, "How am I doing?"

If you want to know at what age you can retire given your expected savings plan and income desired, this calculator will tell you as noted above. To make this calculation, we have to know how long you want your retirement income to last. But this calculator does not ask you that question. So how do we know this?

Behind the scenes, the calculator has a default retirement age.

That age is 66.

When you enter your life expectancy, the calculator calculates the number of years you want your savings to last from the default date. If you want your retirement income from investments to last 20 years (21 withdrawals), you, therefore, enter 86 for "your life expectancy." Or if you want it to last 25 years, you enter 91 and 0 (zero) for "Your age at retirement."

Notice after the calculation, your retirement age will be known. Additionally, your life expectancy will be updated so that the difference between the two will equal the number of years you want the funds to last.

A note about "Desired retirement income": When users are thinking about retirement and the income they want, they usually think about the total income, and not the individual components of the income.

Therefore, desired income is the total annual income you want when you retire. If you enter income from other sources, such as projected Social Security or pensions, that income will be deducted from the desired income when making the investment calculations.

Retirement Plans Compared

Click on the below plans, and the calculator's data will change, and the chart will be updated.

The point is to show three slightly different sets of inputs and how generally small changes can have a significant impact on the results.

Retirement Plan 1 — not a comfortable retirement illustration. Start at age 35 and save 5% of a $50,000 annual income with a 3% income increase every year. At retirement (age 65), start withdrawing $25,000 annually with a 2.5% inflation adjustment, you'll not have a comfortable retirement for your entire life expectancy. Notice at retirement; the invested funds immediately start to deplete as indicated by the red bars.

Retirement Plan 2 — if the user follows this plan, the retirement funds immediately start to deplete, but they will not run out. There were two changes made to this plan when compared to the first illustration. The user settled for 12.5% less retirement income ($22,000 vs. $25,000) and retirement was delayed until age 66.

Retirement Plan 3 — this plan has the best results. Notice the funds available continue to increase even after contributions have stopped and the user is retired. The increasing available income is indicated by the bars at retirement age supper imposed with the gold withdrawal line. The only reason the retirement funds start to deplete later in this retirement plan is due to the 2.5% inflation adjustment applied to the withdrawals. (See for yourself. Set the "annual inflation rate" to zero, and you'll see that the funds continue to grow. [After you make the change, click on the "Calc" button of course.])

The retirement calculator is one of the more critical financial calculators on this site. Feel free to come back and use it as often as you like.

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49 Comments on “Retirement Calculator”

financial online calculator Join the conversation. Tell me what you think.
  • Hello,

    I have two items: one a question and the other a comment on an apparent error.

    The question (and I apologize if I’ve overlooked the answer in the instructions or other comments and answers): Should the “Desired Retirement Income” entry be the total projected cost of living in the first year of retirement, or should it be the total projected cost of living minus the income from other sources (such as private and government pensions)? In other words, is that value supposed to be the total demand on one’s savings, after accounting for pensions?

    The apparent error: I entered current savings at age 61 and a retirement at age 62, and the calculator reduced my savings by 23 percent in the first year, even though, in the first year of retirement, the total demand on my savings, after accounting for pensions, would be about 3.3 percent of my current balance. Subsequent years’ decreases in total savings are far more gradual, as one would logically expect. I’ve reviewed my entries and can see no error on my end that would cause the calculator to do such a drastic reduction in one year.

    • Thanks for your comment and question.

      Some of the details about the inputs will be visible when you click on the Help button. For example:

      "Desired retirement income — what is the total annual income you expect to need on the day you retire including the income from other sources."

      Yeah, I know, that’s not a consistent interface.

      For the calculation issue, please copy / paste the custom URL to a reply once the calculation is completed with your inputs. That will better allow me to see specifically the problem. And if you’ve saved it, that’s a way for you to repeat a calculation without reentering all the inputs.

      • Thank you for your response.
        Here’s the URL: https://financial-calculators.com/retirement-calculator?currentAge=61&retirementAge=62&avgLifeExpectancy=95&retirementROI=0.06&annualIncome=80700&annualInvestment=-581040&inflationRate=0.025&annualIncomeIncrease=0.025&perOfIncomeInvested=0&currentRetirementFund=1226660&additionalIncome=3400&govtIncome=44300&preRetirementROI=0.06&annualIncomeRequired=82700&startDate=Mon+Jul+01+2019+00%3A00%3A00+GMT%2B0200+(CEST)&secondDate=Wed+Jul+01+2020+00%3A00%3A00+GMT%2B0200+(CEST)&rateChangeDate=Mon+Jul+01+2019+00%3A00%3A00+GMT%2B0200+(CEST)&retirementDate=Wed+Jul+01+2020+00%3A00%3A00+GMT%2B0200+(CEST)&endDate=Tue+Jul+01+2053+00%3A00%3A00+GMT%2B0200+(CEST)&nInvestments=0&nWithdrawals=34&fvOfSavings=&pvOfIncome=680690.38&isInterestOnlyWithdrawal=false#retirement

      • Also, for some reason the calculator replaces the 0 I entered percent contributed and replaced it with “-720.0” when I pressed the calculate button.

        • I see what you mean. Thanks for taking the time to send the URL. That helps.

          Changing the "Percent of income invested" to -720 may appear to be a bug, but it’s not. The calculator is working as designed. Notice in the documentation that a user can enter "0" "Percent of income invested" and the calculator will calculate what percent of income must be invested in order for the retirement funds to last until death. This retirement is over funded, so no additional investment is needed. And actually, 720% of one year’s income can be withdrawn and the funds still will last until death. The calculator shows this large withdrawal, as you pointed out, in the first year.

          I understand, this is not what you want, but mathematically, it is correct.

          What I suggest you do is enter "0.1%" for "Percent of income invested." That prevents the calculator from trying to solve it. And since there is only one year to retirement, the 1/10 of a percent (apporx. $80) does not have a material impact on the result.

          I also suggest that you don’t enter an "Annual income increase?" since there is no 2nd year of income.

          Hope this helps. Personally, i found this interesting.

        • I think what I will probably do is, with the next update to this calculator, change the way it handles "Percent of income invested" so that if the result is negative (indicating over funded retirement account) is set the result to 0.0% and not make a large initial withdrawal.

  • Karl, Question on the retirement calculator. Would be great if you break out the “Income from Gov..?” question to separate income streams for SS (his and hers) and allow different start dates for turning that on at later ages. Would like to see the break-out of the spend down on all my savings first, and then how SS/Pension effects those numbers by turning on SS at a later age.
    Thanks! Mark

    • Hi Mark, I have a few "to-dos" for this calculator and one of them has to do with two SS amounts. The problem is, I have a lot of "to-dos"! I still have additional calculators I’m creating and new calculators normally bring more visitors than tweaks to existing ones. So it will be a while before I get back to this, since it’s certainly not a quick addition.

Comments, suggestions & questions welcomed...

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