Retirement Calculator
Plan your retirement savings and see if you're on track to meet your retirement goals.
How it works
This retirement calculator projects your retirement savings using compound interest formulas. It calculates the future value of your current savings and the future value of your monthly contributions, then adds them together. The formula accounts for compound growth over time based on your expected annual return.
Example
If you're 35 years old planning to retire at 65, with $75,000 in current savings, contributing $800 per month, and expecting a 7% annual return, you'll have approximately $1,847,234 at retirement. This includes your contributions and investment growth.
Frequently asked questions
How much should I save for retirement?
Financial advisors often recommend saving 10-15% of your income for retirement. However, the amount depends on your retirement goals, current age, and expected retirement age. Starting early allows compound interest to work in your favor.
What's a realistic expected return?
Historical stock market returns average around 10% annually, but a conservative estimate of 6-8% is more realistic when accounting for inflation and market volatility. Adjust based on your risk tolerance and investment strategy.
When should I start saving for retirement?
Start as early as possible. Thanks to compound interest, money saved in your 20s will grow much more than money saved in your 40s. Even small contributions early on can make a significant difference over time.
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