How to Use the Retirement Planning Calculator

Our Retirement Planning Calculator is a comprehensive tool to help you plan for a financially secure retirement. Follow these step-by-step instructions to calculate your retirement savings, assess if they’ll last, and visualize your financial journey.

Step 1: Enter Your Current Age

Input your current age. For example, enter “30” if you’re 30 years old. This helps the Retirement Planning Calculator determine how many years you have until retirement.

Step 2: Specify Your Retirement Age

Enter the age at which you plan to retire, such as “65”. This sets the timeline for your savings accumulation.

Step 3: Input Current Retirement Savings

Enter the amount you’ve already saved for retirement. For example, input “50000” if you currently have $50,000 in retirement savings.

Step 4: Add Monthly Contribution

Specify your monthly contributions to your retirement savings. For example, input “500” if you contribute $500 per month.

Step 5: Add Annual Contribution

Enter any additional annual contributions you’ll make, such as “0” if you’re not contributing annually, or “6000” for $6,000 per year.

Step 6: Set Expected Annual Return

Input your expected annual return rate. For example, enter “7” for a 7% annual return, which the Retirement Planning Calculator uses to project your savings growth.

Step 7: Define Annual Return Scenarios

Enter optimistic and pessimistic return rates to see different scenarios. For example, input “9” for an optimistic 9% return and “5” for a pessimistic 5% return.

Step 8: Input Annual Inflation Rate

Enter the expected annual inflation rate, such as “2” for 2%, to adjust your savings and spending for inflation.

Step 9: Add Tax Rate (Optional)

Input the tax rate on your investment returns, if applicable. For example, enter “0” if there’s no tax, or “10” for a 10% tax rate.

Step 10: Specify Annual Retirement Spending

Enter your expected annual spending during retirement. For example, input “40000” for $40,000 per year.

Step 11: Add Social Security/Other Income (Optional)

Input any expected annual income from Social Security or other sources during retirement, such as “0” or “12000” for $12,000 per year.

Step 12: Define Years of Retirement

Enter the number of years you expect to be in retirement. For example, input “25” for 25 years of retirement.

Step 13: Set a Retirement Savings Goal (Optional)

If you have a savings goal for retirement, enter the target amount (e.g., “1000000” for $1,000,000) and click Calculate Required Contribution to determine the monthly contribution needed to reach your goal.

Step 14: Calculate Your Retirement Plan

Click the Calculate button to see your results. The Retirement Planning Calculator will display your savings at retirement, contributions, and more.

Step 15: Review Your Results

• Savings at Retirement: Your total savings at retirement age, such as “$1,234,567.89”.
• Current Savings: Your starting amount, like “$50,000.00”.
• Total Contributions: The sum of your contributions, for example, “$210,000.00”.
• Total Interest Earned: The interest earned, such as “$974,567.89”.
• After-Tax Interest: The interest after tax, like “$974,567.89”.
• Will Your Savings Last?: Whether your savings will last through retirement, e.g., “Yes, until age 90”.
• Optimistic Scenario: Savings at a higher return rate, such as “$1,456,789.01 at 9%”.
• Pessimistic Scenario: Savings at a lower return rate, such as “$987,654.32 at 5%”.

Step 16: Explore the Savings Breakdown

The Savings Breakdown at Retirement section shows a bar chart illustrating the proportion of your retirement savings from current savings, contributions, and interest.

Step 17: Analyze Savings Over Time

The Savings Over Time section displays a line chart showing how your savings grow until retirement and decrease during retirement based on your spending.

Step 18: Review Retirement Savings Schedule

The Retirement Savings Schedule table provides a yearly breakdown of contributions, interest, withdrawals, and balance. Download the data as a CSV file using the Export as CSV button.

Step 19: Print or Reset

Click the Print button to print the schedule, or the Reset button to clear all inputs and start over with the Retirement Planning Calculator.