Retirement Calculator

This retirement calculator projects how much you could have saved by the time you retire, in today's dollars, and shows how long those savings would last at your planned spending and the monthly income they could support until a chosen age.

Result

$490,529 at retirement (today's dollars)

Savings last, spending $2,500/month	Until age 85
Monthly income that lasts to age 95	$1,778
Balance in future dollars	$1,081,006
Your total contributions	$242,000

A projection at a steady return. Real returns vary year to year, so treat this as a rough guide.

How the Retirement Calculator Works

The calculator runs in today’s dollars. Instead of growing your savings at the full investment return and then adjusting for inflation, it uses the real return: what’s left after inflation.

Real return = (1 + return) ÷ (1 + inflation) − 1

Before retirement

Each month your balance grows by the monthly real return, and your contribution is added. Because everything is in today’s dollars, this assumes your contributions rise with inflation.

At retirement

Balance in today’s dollars: the projected balance
Balance in future dollars: today’s-dollar balance × (1 + inflation)^years

During retirement

Each month your balance grows at the real return during retirement and your spending is taken out, until the money runs out or you pass age 120. The calculator also finds the level monthly income that would last exactly to your chosen age:

Monthly income = B × r ÷ (1 − (1 + r)^−n)

where B is the balance at retirement, r is the monthly real return and n is the number of months in retirement.

Worked Example

Age 35, retiring at 67, with $50,000 saved and $500 a month going in. The assumed return is 6% before retirement and 4% during, with 2.5% inflation:

Real return before retirement: 1.06 ÷ 1.025 − 1 = 3.41% a year
After 32 years, the $50,000 grows to about $146,400 and the monthly contributions to about $344,100
Balance at retirement: about $490,500 in today’s dollars, or about $1,081,000 in future dollars
Real return during retirement: 1.04 ÷ 1.025 − 1 = 1.46% a year
Spending $2,500 a month from savings, the money lasts until about age 85
To last until 95, the level income is about $1,778 a month

Tips for Planning

Close the gap with time, not just money

Retiring a few years later adds more years of contributions and growth and shortens the time your savings must last. Try changing the retirement age by 2 or 3 years and compare.

Plan for a long retirement

Many people live into their 90s. Planning to a later age gives you a margin if you live longer than average or returns are lower than expected.

Taxes

Withdrawals from traditional 401(k)s and IRAs are usually taxable income, so plan to spend somewhat less than the amount withdrawn. The income tax calculator estimates federal tax on a given income.

Saving for nearer goals

For goals before retirement, the savings goal calculator works out a monthly amount, and the compound interest calculator shows how a balance grows.

Frequently Asked Questions

How much do I need to retire?

It depends on what you'll spend each month beyond what Social Security or a pension covers, and how long you need the money to last. Enter that monthly gap as your spending from savings, and the calculator shows whether your projected savings cover it, and to what age.

Why does the calculator use today's dollars?

Prices rise over time, so $1 million in 30 years will buy much less than $1 million today. Showing results in today's dollars makes them easy to compare with your current budget. The calculator also shows the balance in future dollars, which is the number a statement would show.

What rate of return should I use?

No return is guaranteed, and investment returns vary a lot from year to year. Try several rates, such as a cautious, a middle and a hopeful one, to see a range of outcomes. A lower return during retirement reflects that many people shift to lower-risk investments as they get older.

What inflation rate should I assume?

The Federal Reserve aims for inflation of 2% a year over the longer run, though actual inflation is sometimes well above or below that. The default here is 2.5%. A higher rate gives a more cautious projection.

Does this include Social Security?

No. Subtract your expected Social Security benefit and any pension from your planned monthly spending, and enter only the part your savings need to cover. The Social Security Administration gives personal benefit estimates through a my Social Security account.

What is full retirement age?

For Social Security, full retirement age is 67 for people born in 1960 or later, according to the SSA. You can claim benefits from 62, but they're permanently reduced if you claim before full retirement age.

Does it matter when I start saving?

A lot. At a 6% return and 2.5% inflation, saving $500 a month from age 25 to 67 builds about $553,000 in today's dollars. Starting at 35 builds about $344,000, and starting at 45 about $195,000, even though the monthly amount is the same.

Sources

Investor.gov (U.S. Securities and Exchange Commission) — Retirement toolkit, Social Security (personal benefit estimates from the SSA)
Social Security Administration — Retirement age (full retirement age 67 for those born in 1960 or later; reduced benefits from 62)
Board of Governors of the Federal Reserve System — Why does the Federal Reserve aim for inflation of 2 percent over the longer run?
Returns and inflation are steady, user-entered assumptions, not forecasts. Contributions and spending rise with inflation. Taxes, fees and Social Security are not included.

Last reviewed: October 28, 2026