A retirement calculator estimates how much you need to save to reach your retirement income goals.
Plan your retirement savings and see how your nest egg grows over time.
A retirement calculator projects how much your savings will grow by retirement age and whether you are on track to meet your retirement income goals.
Where FV = future value of savings, P = current savings, PMT = monthly contribution, r = monthly return rate. Starting early is critical: $500/month at 7% from age 25 yields ~$1.2M by retirement at 65.
A common guideline is to save 15% of your gross income for retirement. Fidelity recommends having 1x your salary saved by 30, 3x by 40, 6x by 50, 8x by 60, and 10x by 67.
The 4% rule suggests withdrawing 4% of your retirement savings in the first year, then adjusting for inflation each year. This strategy aims to make your savings last at least 30 years in retirement.
Compound growth means your investment returns generate their own returns over time. Starting early is crucial: $500/month at 7% from age 25 yields about $1.2M by 65, while starting at 35 yields only about $567K.
Financial advisors recommend saving 15-20% of gross income for retirement, including any employer match. If you start late (after 35), consider saving 20-25% to catch up. The key is to start as early as possible.